By laksh5382 
Oberoi Realty said it has entered into an agreement for the development of 81 acres of land located at Tekali village in Alibaug, Maharashtra, where it plans to develop a hotel or resort and residential villas.
The Mumbai-based real estate developer said it intended to build a high-end luxury five-star hotel or a resort with a floor space index of 30,000 square meters on about 8.6 acres or 34,803 square meters of land.
On the remaining land of 72.45 acres the company intends to build approximately 150 high-end luxury, fully serviced, branded residential villas with an FSI of approximately 1.2 lakh square metre.
The company said it has taken physical possession of the land and land owners will be compensated on the basis of revenue and area share in the residential project.
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Also read: Broker’s Call: Oberoi Realty (Buy)