India, June 10 -- Mumbai-based, listed real estate developer Oberoi Realty has paid Rs.247 crore as the first tranche for leasing 11 acres of prime land parcel in Mumbai's Bandra for 99 years from the Rail Land Authority of India (RLDA). The company also formed a special purpose vehicle (SPV) to undertake the project, the company informed in a regulatory filing.

According to the company, it won the bid for the land leasing in February 2026, after which it paid Rs.247.50 crore to RLDA.

"Centerstage Realty Private Limited ("Centerstage") was incorporated on June 2, 2026 as a wholly owned subsidiary of the Company with an initial paid-up share capital of Rs. 1 Lakh, and is the identified SPV to undertake the project. The Company has on Jun...