Latest News | Oberoi Realty to Develop 5-star Hotel, Luxury Villas at Alibaug Near Mumbai
Get latest articles and stories on Latest News at LatestLY. Oberoi Realty has partnered with landowners to develop a 5-star hotel and luxury villas on 81-acre land in Alibaug near Mumbai.
New Delhi, Dec 24 (PTI) 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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)