Oberoi Realty said that it 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, Oberoi Realty said in a statement.
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Oberoi Realty is a Mumbai based real estate development company. It is focused on premium developments in the residential, office space, retail, hospitality and social infrastructure projects.
The real estate developer's consolidated net profit surged 29.05% to Rs 589.44 crore on 8.42% increase in revenue from operations to Rs 1319.89 crore in Q2 FY25 over Q2 FY24.
The scrip shed 0.84% to currently trade at Rs 2245.50 on the BSE.
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