Oberoi Realty plans 1.5 million sq. ft. mall in Thane

Located on upmarket Pokhran Road no.2 in the suburb of Thane, Oberoi’s planned mall is expected to go live in mid-2026

New Delhi: Oberoi Realty plans to open a million-and-a-half square feet mall in Thane near Mumbai. The mall will be part of its upcoming mixed-use residential project on Pokhran Road no 2. in Thane. “The mall is expected to go live mid-2026,” Sameep Pathak, chief executive officer -Mall, Oberoi Realty had said in an interaction in November.

Oberoi Realty, through an external PR agency, declined to comment further on the project.

In an email response, the PR agency said the information shared about the Thane mall in November by the spokesperson was in “anticipation about the expansion and not concrete details.”

IndiaRetailing had emailed a detail follow-up questionnaire to the PR agency for further comment.

The mixed development will happen on a combined land parcel that earlier housed commercial establishments of pharma major GlaxoSmithKline (GSK) Pharmaceuticals and refrigeration company Bluestar. Oberoi Realty purchased 2,40, 140 square meters (approximately 60 acres) of land from GSK for a total consideration of Rs. 889.5 crore in 2017 as per a GSK BSE regulatory filing. “The Company has paid a sum of Rs. 337.46 crores towards obtaining all required statutory and regulatory approvals,” the notice stated.

Pokhran Road no. 2 is an affluent area with good connectivity to the national highway, eastern express highway, hospitals, schools and other amenities. The stretch of road used to be a manufacturing hub with factories of reputed brands like Voltas, GSK among others located there. In the last two decades, the factories gave way to upmarket residential development.

The upcoming property is just 9 minutes away from the upcoming Manpada and Kapurbawadi metro stations. It is just 1 minute away from Bethany Hospital, 7 minutes away from Jupiter Hospital and 13 minutes away from Hiranandani Hospital. It is 5 minutes away in any direction from plush residential complexes by Tata, Kanakia and Hiranandani among others.

It is in close proximity to offices of TCS, Raymond and office complexes Lodha iThink and Dev Corpora.

Although the proposed development is located at a strategic intersection it has competition with Viviana Mall less than 1.5 km away. The city also has Korum Mall which is on Pokhran Road no.1 and R Mall on Ghodbunder Road.

However, the company’s own residential complex could prove to be a steady source of footfall to the mall. “Once complete, the mall will have a ready audience of 60,000 people who will be residents of our complex,” said Pathak.

Source: indiaretailing.com

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