The House of Abhinandan Lodha Estate Holdings (HoABL) has entered into a memorandum of understanding (MOU) with Nitco and its wholly-owned subsidiary Nitco Realties for the development of land parcels at Thal and Lonare in Alibaug, Raigad district, Maharashtra. According to Business Standard, this 40-acre development is estimated to generate combined revenue of ₹4,500 crore over the project lifecycle. The proposed joint development is expected to generate ₹3,000 crore in revenue over five years for HoABL and ₹1,500 crore for Nitco. HoABL expects to invest around ₹1,000 crore in the project, largely towards construction costs, while the transaction remains subject to conditions precedent, statutory approvals and execution of definitive agreements. As per The Economic Times, Nitco has secured a deposit of ₹9 crore from its collaboration partner as security for the project.
Nitco shares rallied sharply in early trade following the announcement but closed 1.87% down at ₹94.55 per share on the BSE on Tuesday, as against gains of 0.37% on the benchmark. According to The Economic Times, the stock had risen sharply in early trade following the announcement but failed to sustain the momentum. The stock had earlier rallied nearly 14% in late trading on August 25, 2026, following the announcement of the significant land development agreement. According to Business Standard, the development is expected to comprise premium multi development project, with luxury apartments and townhouses, complemented by curated amenities and hospitality offerings. A boutique hotel is also proposed as part of the broader development, with the project structure formalised through the MOU between Nitco and its wholly-owned subsidiary Nitco Realties, and HoABL through its wholly-owned subsidiary, HoABL Impactum Land.
The 40-acre development will comprise luxury apartments and townhouses, with HoABL operating the hotel under the Miros brand. As reported by The Economic Times, this will be HoABL's second project in Alibaug after Sol-de-Alibaug, a plotted and villa development by the company. The project is expected to be developed in phases, with further details on the location, configuration, project timeline and hospitality partner to be announced in due course. Under the MOU, Nitco, Nitco Realties and promoter Vivek Talwar, collectively referred to as the 'Owners', have granted development rights over the land parcels at Thal and Lonare to HOABL for their joint development. The financial consideration from the development is expected to be recognised in the books of Nitco Limited and Nitco Realties Private Limited over the five-year period, subject to the terms of the transaction and applicable accounting standards.
According to the regulatory filing reported by Business Upturn, the company said definitive agreements and other documents will be executed after fulfilment of the conditions precedent and receipt of requisite approvals, if any. Nitco will make further disclosures to the stock exchanges once the transaction involving the immovable properties is fully completed. The proposed project remains subject to the fulfilment of various conditions precedent, regulatory approvals and execution of definitive agreements. The filing states that HOABL Impactum Land Private Limited is not part of Nitco's promoter group and the transaction does not fall under related-party transactions. The agreement does not provide HOABL with special rights such as the right to appoint directors or rights relating to changes in Nitco's capital structure, nor does it provide HOABL with first rights to subscribe to shares in the event of a future issuance.
Alibaug has emerged as a sought-after luxury real estate destination and a preferred second-home market for developers and investors, driven by improvements in connectivity infrastructure. According to Housing.com, average property prices in Alibaug were around ₹15,663 per square foot as of August 2026, up 56.08% year-on-year. Several established real estate developers have entered the Alibaug market through premium residential projects, plotted developments and villas. Abhinandan Lodha, chairman of HoABL, said: "This joint venture represents an important step in our journey to create differentiated, high-quality destinations. 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." The 40-acre development will be the second project for the company in Alibaug, which has been witnessing a spurt in luxury projects in the last few years due to its proximity to the financial capital. It had earlier developed a 20-acre land parcel in the area.
In a separate regulatory filing dated August 24, Nitco announced that it has fully recovered and settled the capital advance of ₹995.98 lakhs that it had given to Saumya Buildcon Private Limited (SBPL) more than a decade ago. According to the filing, Nitco had provided a capital advance to SBPL in connection with the procurement of land, but the proposed land transaction did not materialise and the capital advance remained outstanding. As part of Nitco's ongoing efforts towards recovery and regularisation of long-outstanding advances, it received the entire outstanding balance amount from SBPL, with no amount remaining outstanding from SBPL in respect of the said capital advance. In another filing, Nitco reported that the Delhi High Court dismissed its writ petition challenging the final Settlement Order dated November 14, 2019, directing payment of interest on the time-barred duty amount of ₹15.17 crore. The company stated it proposes to challenge the same before the Supreme Court of India by filing a Special Leave Petition.
