1 week ago
House of Abhinandan Lodha Plans ₹1,000 Crore Alibag Project
House of Abhinandan Lodha and NITCO are working together on a large project in Alibag.
The project will cover 40 acres of land.
It may include apartments, townhouses and a luxury hotel.
House of Abhinandan Lodha says it will invest ₹1,000 crore to build it.
Construction will happen in stages.
The project could earn House of Abhinandan Lodha ₹3,000 crore over five years.
NITCO could earn up to ₹1,500 crore.
The companies have not yet announced the construction schedule or hotel partner.
House of Abhinandan Lodha announced a joint development project in Alibag with an arm of NITCO.
The 40-acre mixed-use development will include apartments, townhouses and a luxury hotel.
HoABL plans to invest ₹1,000 crore, largely toward construction, with execution taking place in phases.
The project is expected to generate ₹3,000 crore in revenue for HoABL and up to ₹1,500 crore for NITCO over five years.
NITCO said it received a ₹9 crore security deposit, while its shares closed 1.87% lower at ₹94.55 on the BSE.
- Who
- House of Abhinandan Lodha, an arm of NITCO and NITCO promoter Vivek Talwar.
- What
- A joint development project featuring apartments, townhouses and a luxury hotel.
- Where
- Two land parcels at Thal and Lonare in Alibag, covering 40 acres.
- When
- Announced Tuesday, August 25; the project is expected to generate revenue over five years.
- Why
- House of Abhinandan Lodha is expanding in Alibag, which the company said has attracted luxury projects because of its proximity to Mumbai.
Key facts
- Investment
- ₹1,000 crore by House of Abhinandan Lodha, largely toward construction
- Project size
- 40 acres across two land parcels
- Development type
- Mixed-use project with apartments, townhouses and a luxury hotel
- Expected HoABL revenue
- ₹3,000 crore over five years
- Expected NITCO revenue
- Up to ₹1,500 crore over five years
- Security deposit
- NITCO reported receiving ₹9 crore from its partner
- Market close
- NITCO shares closed at ₹94.55, down 1.87% on the BSE
Quotes
House of Abhinandan Lodha
Realty company named in the project announcement
“HoABL envisages an investment of Rs 1,000 crore largely towards construction”
freepressjournal.in
Sources
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