Alfavision Overseas (India) Ltd has announced its collaboration with Lonavala-based Della Resorts & Adventure Pvt Ltd to develop an integrated hospitality and lifestyle destination project with an estimated value of over ₹2,000 crore in Madhya Pradesh.
The board of Alfavision approved a term sheet on March 6 for the development of hotels, villas, resorts, wellness facilities, an adventure park, and other residential and non-residential properties.
The proposed project will be developed on land owned by the company and other promoter group entities, aggregating around 220 acres in Madhya Pradesh. The development will be undertaken in collaboration with Della Resorts & Adventure.
Earlier, on March 5, Alfavision Overseas entered into amended land lease agreements and a Memorandum of Understanding (MoU) with its promoters and a promoter group entity for a five-year period.
Based on preliminary development assessments, the project has an indicative Gross Development Value (GDV) of over ₹2,000 crore, subject to final project configuration, statutory approvals, and prevailing market conditions.
For the hospitality component, the partners plan to establish a Special Purpose Vehicle (SPV). Under the proposed structure, land-owning entities, including Alfavision Overseas and promoter group companies, will collectively hold a 74% stake, while Della Resorts & Adventure will hold 26%.
Della’s stake may be issued through sweat equity or another mutually agreed structure, in return for providing development expertise, branding, design, conceptualisation, and operational support for the project.
The collaboration is expected to unlock value from Alfavision Overseas’ land holdings and facilitate the development of a large integrated hospitality and lifestyle destination in Madhya Pradesh, subject to regulatory approvals and finalisation of the project structure.