Oberoi Realty to Develop 5 Star Luxury Hotel at Alibaug

8.6 acres shall be earmarked and conveyed to the company for construction of high end luxury five star hotel/resort

Oberoi Realty Limited has executed a development agreement for development of land admeasuring approximately 81.05 acres equivalent to 3,28,010 square meters, situated at village Tekali, Taluka Alibaug, District Raigad, Maharashtra.

Out of the above land, land admeasuring approximately 8.6 acres equivalent to 34,803 square meters shall be earmarked and conveyed to the company for construction of high end luxury five star hotel/resort to the extent of FSI admeasuring 30,000 square meters.

On the balance land admeasuring 72.45 acres equivalent to 2,93,207 square meters the company intends to construct approximately 150 high end luxury, fully serviced, branded residential villas by consuming FSI of approximately 1,20,000 square meters.

The consideration for the transaction to the landowners is in the form of revenue and area share from the said residential project. Upon execution of the above agreement, the company has taken physical possession of the above land.