Mumbai, Aug 27: NITCO Limited has entered into a joint venture with The House of Abhinandan Lodha to develop a 40-acre premium mixed-use project in Alibaug, with the development expected to generate approximately INR 4,500 crore in revenue over five years.
This joint venture has been formalised through a Memorandum of Understanding between NITCO and its wholly owned subsidiary NITCO Realties Private Limited, and HoABL through its wholly owned subsidiary, HoABL Impactum Land Private Limited, for the development of land parcels in Thal and Lonare villages in Alibaug.
The development is expected to comprise premium multi development project, with luxury apartments and townhouses, complemented by curated amenities and hospitality offerings. A boutique hotel is also proposed as part of the broader development. NITCO’s share from the proposed development is expected to be approximately INR 1,500 crore over a period of five years.
“This partnership represents an important milestone for NITCO as we continue to take a thoughtful and strategic approach towards our land assets. We believe the proposed development will create meaningful long-term value and marks a significant step in our broader growth journey,” said Vivek Talwar, Chairman & Managing Director, NITCO Limited.
The development is expected to be undertaken in phases, with further details regarding the project to be announced in due course. The transaction remains subject to statutory approvals and the execution of definitive agreements.