Oberoi Realty has partnered with landowners to develop a 5-star hotel and luxury villas on 81-acre land in Alibaug near Mumbai. In a regulatory filing on Monday, Oberoi Realty said the company has executed a development agreement to develop land admeasuring about 81.05 acres equivalent to 3,28,010 square metres at village Tekali, Taluka Alibaug, District Raigad, Maharashtra.
Out of the total land, the company said land admeasuring 8.6 acres equivalent to 34,803 square metres will be earmarked for construction of high-end luxury 5-star hotel/resort.
"On the balance land admeasuring 72.45 acres equivalent to 2,93,207 square metres the company intends to construct approximately 150 high-end luxury, fully serviced, branded residential villas by consuming FSI of approximately 1,20,000 square metres," Oberoi Realty said.
The consideration for the transaction to the landowners is in the form of revenue and area share from the said residential project, it added.
Upon execution of the agreement, Oberoi Realty has taken physical possession of the land.
Mumbai-based Oberoi Realty is a leading real estate developer of the country. It is mainly into the development of luxury homes.
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