6 days ago
NITCO, HoABL Plan ₹4,500 Crore Alibaug Mixed-Use Project
NITCO and The House of Abhinandan Lodha want to build a large project in Alibaug.
The project will cover 40 acres.
It may have luxury apartments and townhouses.
It will also include special amenities and hospitality services.
A small luxury hotel is being considered.
The construction is expected to happen in different phases.
The companies estimate that the whole project could generate about ₹4,500 crore in five years.
NITCO expects about ₹1,500 crore of that development value.
More details will be announced later.
NITCO and The House of Abhinandan Lodha formed a joint venture for a 40-acre Alibaug development.
The premium mixed-use project will include luxury apartments, townhouses, amenities and hospitality offerings.
A boutique hotel is also proposed within the development, which will be built in phases.
The project is expected to generate approximately ₹4,500 crore in revenue over five years.
NITCO expects its share of the proposed development to be around ₹1,500 crore over five years.
- Who
- NITCO, its wholly owned subsidiary NITCO Realties, and The House of Abhinandan Lodha through HoABL Impactum Land.
- What
- A joint venture to develop a 40-acre premium mixed-use project with apartments, townhouses, amenities and hospitality offerings.
- Where
- Alibaug, Maharashtra.
- When
- The project is expected to generate revenue over five years; the article does not specify a start date.
- Why
- NITCO said the partnership is intended to create long-term value from its land assets and support its broader growth.
Key facts
- Project area
- 40 acres
- Estimated total revenue
- Approximately ₹4,500 crore over five years
- NITCO’s expected share
- Approximately ₹1,500 crore over five years
- Planned properties
- Luxury apartments, townhouses and a proposed boutique hotel
- Development model
- The project is expected to be developed in phases
- Agreement
- A Memorandum of Understanding formalises the proposed joint venture
- NITCO business
- Tiles, marble and mosaic products
Quotes
Vivek Talwar
Chairman and Managing Director of NITCO
“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.”
financialexpress.com
Sources
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