 "Oberoi Realty to build luxury villas, hotel in coast town Alibaug")
Oberoi Realty has acquired 81.05 acres in Alibaug in Raigad district of Maharashtra to build luxury villas and a five star hotel, it said after "executing" a development agreement with landowners.
About 8.6 acres shall be used for constructing the hotel to the extent of a floor space index (FSI) measuring 30,000 sq m. The company will build about 150 "high-end luxury, fully serviced, and branded residential villas" by consuming FSI of around 120,000 square metre on the remaining 72.45 acres.
The consideration for the transaction to landowners is in the form of revenue and area share from the residential project, said the company in a stock exchange filing Monday night. “Upon execution of the above agreement, the company has taken physical possession of the above land,” it added.
Alibaug has become a luxury real estate centre due its proximity to Mumbai, natural beauty and rising demand for vacation homes. It is the second home for high-net-worth and ultra-high-net-worth individuals, according to real estate consultancy Anarock.
The coastal town is proposed to be connected to Virar, which is little over 150 km north, through a multimodal corridor. According to Housing.com, the corridor's total estimated cost is Rs 55,000 crore. The approved 8-14 lane expressway will be executed by the Maharashtra State Road Development Corporation (MSRDC).
In October 2024, Emaar India announced its entry in the Maharashtra market with an ultra-luxury project in Alibaug.