Oberoi Realty Pips Brookfield in $596 Million Mumbai Land Deal

Oberoi Realty Ltd. secured the right to commercially develop an 11-acre (4.45 hectares) land parcel in Mumbai for 54 billion rupees ($596 million) in one of the city’s largest real estate transactions.

The luxury developer will receive a 99-year lease on the plot in exchange for a 45% revenue-share commitment payable through 2038, according to a regulatory filing.