The House of Abhinandan Lodha Estate Holdings has entered into a memorandum of understanding with NITCO Limited to develop a premium mixed-use project in Alibaug, Raigad. The developer expects the joint venture to generate Rs 3,000 crore in revenue over five years, while NITCO projects Rs 1,500 crore for itself.
HoABL will develop the project through its wholly owned subsidiary HoABL Impactum Land. NITCO's wholly owned subsidiary NITCO Realties and promoter Vivek Talwar are also parties to the agreement. The land parcels are located at Thal and Lonare in the coastal town south of Mumbai.
The project will span more than 40 acres and comprise luxury apartments and townhouses. A boutique hotel operated under the Miros brand is planned to complement the residential development. The project marks HoABL's second development in Alibaug, following Sol-de-Alibaug.
HoABL plans to invest Rs 1,000 crore in the project, largely toward construction. The development is expected to proceed in phases, with further details on configuration and timeline to be announced later, the company said.
The project will be designed by global architects as an integrated destination offering residences, amenities and hospitality, the company said. The combination is intended to create what HoABL calls a differentiated lifestyle experience for residents and visitors.
Abhinandan Lodha, chairman of The House of Abhinandan Lodha, said the joint venture represents a step in the company's evolution. "By bringing together premium residential formats such as apartments and townhouses with a boutique hospitality offering, we aim to create an integrated development that delivers long-term value and a distinctive lifestyle experience," he said.
The transaction remains subject to conditions precedent, statutory approvals and execution of definitive agreements, NITCO said. The company clarified that HoABL Impactum is not related to NITCO's promoter group and the transaction does not constitute a related-party transaction.
Shares of NITCO Limited closed at Rs 95.95 on the BSE, down from the previous close of Rs 96.35. The stock traded 552,103 shares during the session and reached an intraday high of Rs 109.30.