Nitco Limited entered a joint venture with The House of Abhinandan Lodha Estate Holdings Pvt Ltd on August 24, 2026, to develop a premium mixed-use project in Alibaug, Maharashtra. The agreement involves a potential consideration of ₹1,500 crore for Nitco and ₹3,000 crore for HoABL over five years. The parties received a security deposit of ₹9 crore via cheque.
The transaction includes Nitco Realties Private Limited, a wholly owned subsidiary, and promoter Vivek Talwar as the owners granting development rights. The counterparty is HoABL Impactum Land Private Limited, a wholly owned subsidiary of HoABL. HoABL Impactum Land Private Limited does not belong to the promoter or promoter group, Nitco said.
The owners granted development rights for parcels of land located in Thal and Lonare villages within Alibaug Taluka, Raigad district. The consideration will accrue to and be recognized in the books of Nitco Limited and Nitco Realties Private Limited according to applicable accounting standards, the company said.
Definitive agreements will be executed upon fulfillment of condition precedents and requisite approvals. Nitco Limited stated it will provide further intimation to stock exchanges when the transaction for immovable properties is fully completed. The disclosure was made pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.
HoABL plans to develop a premium multi-development project comprising luxury apartments and townhouses over 40 acres of land. The development is expected to include a boutique luxury hotel operated under Miros. HoABL envisages an investment of ₹1,000 crore largely towards construction, the company said.
This marks HoABL's second project in Alibaug after Sol-de-Alibaug. The project aims to create an integrated destination offering high-quality residences, curated amenities, and hospitality.
The deal structure indicates a phased revenue recognition model rather than an immediate cash influx. With only ₹9 crore received as a security deposit against a total potential value of up to ₹1,500 crore for Nitco, the majority of the value remains contingent on future development milestones and regulatory approvals over the five-year period. The combined potential revenue of ₹4,500 crore underscores the scale of the joint venture.