I Ven Realty, a joint venture between Oberoi Realty Ltd (39.13%), its promoter Vikas Oberoi (39.13%), and Alpha Wave Ventures (21.74%), has partnered with Switzerland-based Aman Group to develop a luxury hotel and branded residences project in Mumbai’s Worli.

The special purpose vehicle (SPV), which holds leasehold rights to nearly four acres on Dr. Annie Besant Road, plans to build an 80-key Aman-branded hotel alongside 1.5–2 lakh sq. ft. of luxury residences, with the hotel slated to be operational by August 2032, according to a report by The Financial Express.

Strategic SPV Structure

ORL holds 39.13% stake , 39.13% held by Oberoi and 21.74% is held by Alpha Wave Ventures in the special purpose vehicle (the JV company).

The SPV holds leasehold rights for a land measuring 16,689.93 square metres (nearly 4 acres) situated at Dr. Annie Besant Road, Worli, Mumbai.

As part of the development of the land, the SPV plans to construct a hotel consisting of about . 80 rooms, food and beverage outlets, and other allied facilities and amenities and nearly 150,000-200,000 sq. ft. of residential real estate 
for sale along with allied facilities and amenities.

Long-Term Horizon

Aman will manage and operate the Hotel under the ‘Aman’ brand. The Hotel is expected to be operational by August 31, 2032 and will be managed and operated by Aman for an initial term of 25 years, with an automatic extension for a further period of 10 years unless chosen otherwise by Aman, the company said.

The residences branding and Marketing agreement  the Residences will be developed, marketed and sold using the licensed Aman marks, and managed and operated under the ‘Aman’ brand.