Oberoi Realty said it has executed an agreement for the development of an 81-acre parcel of land situated at village Tekali, Alibag in Maharashtra where it plans to develop a hotel or a resort and residential villas.
The Mumbai-based real estate developer said that on around 8.6 acres or 34,803 square meters of the land it intended to construct a high-end luxury five-star hotel or a resort with a floor space index of 30,000 square metres.
On the balance land of 72.45 acres the company intends to construct about 150 high end luxury, fully serviced, branded residential villas with FSI of around 1.2 lakh square metres.
The company said it has taken physical possession of the land, and the landowners will be compensated in the firms of revenue and area share in the residential project.
- Also read: Broker’s call: Oberoi Realty (Buy)
