Oberoi Realty buys 81 acres of Land in Alibaug: Aims to develop Luxury Villas & Hotels

The listed real estate company Oberoi Realty, situated in Mumbai, has purchased 81 acres of land in the coastal town of Alibaug, which is close to Mumbai. The project will include the development of a branded residence villa and a luxury hotel, the company announced late on December 23.

According to the company, it signed a Development Agreement (DA) to develop land in the village of Tekali in Alibaug, Maharashtra, that is roughly 81.05 acres in size, or 3,28,010 square meters.

The company claims that the landowners will receive revenue and an area share from the aforementioned residential project as payment for the transaction.

The company reported that Oberoi Realty had physically taken possession of the land upon execution of the agreement. It also plans to build about 150 high-end, luxurious, fully serviced, branded residential villas on the remaining 72.45 acres, or 2,93,207 square meters. This will require FSI of about 1,20,000 square meters.

"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 business stated in a regulatory filing.

In a similar vein, the Emaar Group's Indian division, based in the United Arab Emirates, declared in October 2024 that it would be entering the Mumbai real estate market and intending to invest Rs. 2,000 crores over the initial years.