Nitco & HoABL form JV for ₹4500 Cr Alibaug mixed-use project
The House of Abhinandan Lodha Estate Holdings Pvt Ltd (HoABL), through its subsidiary HoABL Impactum Land Pvt. Ltd., has entered into a Memorandum of Understanding (MoU) with NITCO Limited and its subsidiary NITCO Realties Pvt. Ltd. for a joint development of land parcels in Alibaug. The project, a premium mixed-use development featuring luxury apartments, townhouses, and a boutique hotel under the Miros brand, is expected to generate ₹3000 crore in revenue for HoABL and ₹1500 crore for NITCO over five years. This venture marks HoABL's expansion into a broader real estate platform, focusing on differentiated destinations. The development will span over 40 acres and is planned in phases, with further details to be announced. NITCO has clarified that HoABL Impactum is not related to NITCO's promoter group, thus not constituting a related-party transaction.
Key Highlights
- Nitco and HoABL sign MoU for premium mixed-use development in Alibaug.
- Project expected to generate ₹4500 crore revenue for both entities over five years.
- Development includes luxury residences and a boutique hotel.
- Transaction is not a related-party transaction for Nitco.
- HoABL aims to strengthen its real estate platform with this venture.
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