Real estate developer Oberoi Realty Ltd on Monday (December 23) said it has executed a development agreement for an 81.05-acre land parcel in Alibaug, Maharashtra. The agreement covers 328,010 square meters of land in Tekali village, Raigad district.

“We write to inform you that the company has executed a Development Agreement for the development of land admeasuring approximately 81.05 Acres equivalent to 3,28,010 square meters, situated at village Tekali, Taluka Alibaug, District Raigad, Maharashtra,” Oberoi Realty said in a regulatory filing.

The agreement includes a plan to construct a luxury five-star hotel or resort on 8.6 acres, utilising 30,000 square meters of floor space index (FSI). Additionally, Oberoi Realty intends to develop approximately 150 branded, fully serviced residential villas on the remaining 72.45 acres, with an FSI of about 120,000 square meters.

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“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 the construction of high-end luxury 5 (five) star hotel/resort
to the extent of FSI ad measuring 30,000 square meters,” it said.

The landowners will receive compensation in the form of revenue and area shares from the residential project. Following the agreement, Oberoi Realty has taken physical possession of the site.

“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 added.

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Shares of Oberoi Realty Ltd ended at ₹2,262.25, up by ₹16.00, or 0.71% on the BSE.