Oberoi Realty inks development pact for 81-acre land parcel in Alibaug near Mumbai

MUMBAI: Property developer Oberoi Realty has entered into a development agreement for an over 81.05-acre land parcel in Tekali village in Alibaug near Mumbai.

The consideration for the transaction to the landowners will be in the form of revenue and area share from the residential project to be developed on the plot, the company said in a regulatory filing.

Out of the total land, around 8.6 acres will be earmarked and conveyed to the company for construction of a high-end luxury five-star hotel and resort to the extent of floor space index (FSI) measuring 3.23 lakh sq ft.


On the balance 72.45 acres, the company plans to construct around 150 high end luxury, fully serviced, branded residential villas by consuming FSI of around 1.29 million sq ft.