Oberoi Realty has agreed to co-develop a residential project of over 4 million square feet on an 18.3-acre plot of land in Thane's Kolshet area.
As part of the deal compensation, the company has formed a revenue-sharing alliance with the landowner, who will receive 23 percent of net realisations. While executing the agreement, the developer also paid the landowner Rs 50 crore as an upfront adjustable and refundable deposit.
Nicholas Piramal originally owned the land parcel, which was sold by the pharmaceutical company in 2002. According to documents obtained from CRE Matrix, a real estate data analytics firm, the latest agreement for the joint development values the land parcel at Rs 404.5 crore.
Based on current residential property rates in the area, the project with a total development potential of 4 million sq ft is expected to generate Rs 5,000 crore in revenue.
