Oberoi Realty acquires 81 acres of land in Alibaug near Mumbai, plans luxury hotel and villa project
Hindustan TimesMumbai-based listed real estate firm Oberoi Realty has acquired 81 acres of land in the coastal town of Alibaug near Mumbai. The company said that it executed a Development Agreement for the development of land measuring approximately 81.05 \acres, equivalent to 3,28,010 sq mtrs, situated at village Tekali in Alibaug, Maharashtra. "Out of the above land, land admeasuring approximately 8.6 acres equivalent to 34,803 sq mtrs shall be earmarked and conveyed to the Company for construction of high-end luxury 5 star hotel / resort to the extent of Floor Space Index admeasuring 30,000 square meters," the company informed in a regulatory filing. Further, in the remaining 72.45 acres, equivalent to 2,93,207 sq meters, the company intends to construct approximately 150 high-end luxury, fully serviced, branded residential villas, consuming FSI of roughly 1,20,000 square meters.