Nitco has signed a joint venture with The House of Abhinandan Lodha to develop a large residential project on the outskirts of Alibaug.

The two companies signed a memorandum of understanding on 24 August. Under the arrangement, Nitco Limited, its subsidiary Nitco Realties, and promoter Vivek Talwar have granted development rights over land parcels in Thal and Lonare, two villages in Alibaug Taluka, Raigad district.

HoABL will lead the construction and development work. In return, Nitco stands to earn up to ₹1,500 crore over the next five years.

Details outside the official exchange filing suggest the project will span around 40 acres and include apartments, townhouses and a boutique hotel operated under HoABL’s Miros hospitality brand.

This would mark HoABL’s second project in the Alibaug region, following Sol de Alibaug, a 20-acre plotted development that already counts actress Kriti Sanon among its buyers.

So far, only ₹9 crore has changed hands, paid to Nitco as a security deposit by cheque. The bulk of the ₹1,500 crore depends on both companies signing definitive agreements later, once regulatory approvals and other conditions are cleared.

Nitco has said it will keep the exchanges updated as the transaction progresses. It’s also worth noting that HoABL Impactum Land, the entity Nitco is dealing with, has no connection to Nitco’s promoter group.

That makes this an arm’s length deal rather than a related-party transaction, something companies are required to flag clearly under listing regulations.

For Nitco, a company better known for tiles and flooring, this is a meaningful step into real estate development through land monetisation.

For HoABL, it extends a growing footprint in one of Maharashtra’s fastest-growing luxury housing markets, built on the back of its earlier success in the same area.

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