Mumbai-based listed real estate firm Oberoi Realty has acquired 81 acres of land in the coastal town of Alibaug near Mumbai. The company announced late on December 23 that it plans to develop a luxury hotel and branded residence villas as part of the project.
The company said that it executed a Development Agreement (DA) 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 (five) star hotel / resort to the extent of Floor Space Index (FSI) admeasuring 30,000 square meters,” the company informed in a regulatory filing.
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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.
According to the company, the consideration for the transaction to the landowners is in the form of revenue and area share from the said residential project. Upon executing the above agreement, the company informed that Oberoi Realty has taken physical possession of the land.
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Similarly, the Indian arm of UAE-headquartered Emaar Group announced its foray into the Mumbai real estate market in October 2024 and plans to invest โน2,000 crore in the next few years.
The 84 villas project is spread across a 25-acre land parcel, with each unit priced at โน9 crore to โน15 crore. The company said the project’s revenue potential is likely around โน700 crore.
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All about Alibaug
Alibaug is a threeโto four-hour drive from Mumbai. However, the time taken is reduced by using ferry services from South Mumbai. The coastal town near South Mumbai is known as a second home option for several high-net-worth individuals and Bollywood stars who have invested in plots and villas in Alibag. In the post-COVID-19 times, the upper-middle-class segment has also been investing in land across several holiday destinations, according to real estate brokers.
