Mumbai, Oct 9: Realty firm NeoLiv has bought 12-acre land at Alibaug near Mumbai to develop a luxury housing project with a sales potential of around Rs 400 crore.
The company did not disclose the land deal value and name of the seller.
In a statement on Wednesday, NeoLiv announced the acquisition of 12 acres of prime land in Alibaug, marking the company’s foray into the highly sought-after Mumbai Metropolitan Region (MMR) market.
“The development with an option to extend to 20 acres and projected gross value of more than Rs 400 crore will offer an exceptional mix of premium villas and plots,” it said.
NeoLiv founder and CEO Mohit Malhotra said this acquisition represents a significant milestone for the company.
“Backed by UHNI investors through our SEBI-approved fund and led by a highly experienced team with over 100 years of combined expertise, we are committed to delivering exceptional living experiences that will set new benchmarks for residential developments,” Malhotra said.
Alibaug, known for its natural beauty, historic forts, pristine beaches, and vibrant water sports, has long been a favoured destination for those seeking a coastal retreat, the company said.
In August 2024, NeoLiv announced a 20-acre joint development project with a gross development value of Rs 600 crore in north India.
NeoLiv, a fund-led developer, was founded by Malhotra (former MD and CEO of Godrej Properties) and industry experts in partnership with wealth firm 360 ONE.
All NeoLiv projects are backed by a SEBI-regulated AIF Fund, ensuring financial security and timely project completion for customers. (PTI)
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