Oberoi Realty is planning to develop a 300-key property in Thane, Maharashtra, as part of its proposed integrated development across nearly 75 acres. It will be the first five-star rated hotel to come up in Thane.

The company is in talks with hospitality majors including Marriott International and Grand Hyatt to manage and operate the property, and the deal is expected to be inked soon. The real estate developer is planning an integrated development spanning 15 million sq. ft. on the 75-acre Thane land parcel, and will include premium, residential, office and retail projects, along with an international school.

The company is expected to invest around Rs 10,000 crore to develop the project in phases. The first phase of the project comprises an estimated development of three to four million sq. ft. including the hotel, residential component and school, wherein the hotel and international school part are at the design stage. The project’s total revenue potential is estimated to be around Rs 30,000 crore across the development period of 15 years, and the first phase, which is likely to be launched later this year, is expected to be completed over three to four years.

The entire 75-acre contiguous land parcel comprises three plots including the one that Oberoi Realty entered into an agreement with NRB Bearings this week to acquire the latter's around 6.4-acre land parcel in Thane's Pokhran Road II for over Rs 170 crore. The land parcel is contiguous to the existing 68-acre plot owned by the developer. In February, 2023, it acquired Blue Star India’s nine-acre land parcel in the same vicinity for nearly Rs 200 crore, which is next to the 60-acre plot that Oberoi Realty acquired in 2019.