In This Article:
Oberoi Realty has entered a development agreement with landowners for a 81.05-acre land parcel in Tekali village, Alibaug, near Mumbai, India to build luxury villas and a five-star hotel.
The property developer plans to construct a high-end five-star hotel and resort on approximately 8.6 acres of this land, with a floor space index (FSI) of 30,000m2.
The remaining land, measuring 72.45 acres or 293,207m2, will be developed into around 150 high-end luxury, fully serviced, branded residential villas with an FSI consumption of about 120,000m2.
The company disclosed the arrangement in a regulatory filing, stating that compensation to the landowners involves revenue and area share from the residential project.
"Upon execution of the above agreement, the company has taken physical possession of the above land," Oberoi Realty announced in a filing.
Alibaug's appeal as a luxury real estate destination has grown due to its natural beauty and proximity to Mumbai.
This location is increasingly sought after by high-net-worth individuals for second homes.
Anarock, a real estate consultancy, highlights Alibaug's rising demand for vacation homes.
The coastal town is set to benefit from improved connectivity through a proposed multimodal corridor linking it to Virar.
This corridor, with an estimated cost of ₹55bn ($687.5m), will feature an 8-14 lane expressway managed by Maharashtra State Road Development Corporation (MSRDC).
In related news, Emaar India entered the Maharashtra market in October 2024 with an ultra-luxury project in Alibaug.
Furthermore, in February 2024, Oberoi Realty formed a partnership with Marriott International to develop two new properties in the Mumbai Metropolitan Region – JW Marriott Hotel Thane Garden City and Mumbai Marriott Hotel Sky City – both expected to be completed between 2027 and 2028.
"Oberoi Realty acquires 81-acre land in Alibaug, India for new projects " was originally created and published by Hotel Management Network, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.