La Tim Metal & Industries (BOM:505693) said it has signed a development agreement with ELTRIA Lands to set up a gated community of residential plots on 49.42 acres in Sudhagad, Raigad, according to a Thursday filing.

The land, owned by La Tim and its promoters, will be converted to residential use, the filing said. The project will include internal roads, recreation areas, common amenities, sustainability features, and modern security systems, it added.

ELTRIA will handle layout planning, design approvals, project execution, marketing, customer management, and site maintenance. The development is to be completed within three years of receiving initial approvals, the filing said.

Revenue from plot sales will be shared in a 75:25 ratio between the developer and La Tim, with minor band-based variations, according to the filing. The company expects about 700 million Indian rupees in revenue from the first phase.