Realty firm House of Abhinandan Lodha (HoABL) on Tuesday announced a joint development project in Alibag with an arm of tilemaker NITCO and said it will invest Rs 1,000 crore for construction of the mixed-use project.
The proposed project, spread over two land parcels, includes construction of apartments, townhouses, and a luxury hotel.
It is expected to generate Rs 3,000 crore in revenue over five years for HoABL and up to Rs 1,500 crore for NITCO, according to an official statement.
The 40-acre development will be the second project for the company in Alibag, 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.
An arm of the company has signed a memorandum of understanding with NITCO and its promoter Vivek Talwar for the development of land parcels at Thal and Lonare in Alibag, the statement said.
"HoABL envisages an investment of Rs 1,000 crore largely towards construction," the statement said, adding that the project will be executed in phases and details like timelines, hospitality partner will be announced in due course.
In an exchange filing, NITCO said it has received a cheque for Rs 9 crore as a security deposit from its partner.
The NITCO scrip, which had risen sharply in early trade following the announcement, closed 1.87 per cent down at Rs 94.55 a piece on the BSE on Tuesday as against gains of 0.37 per cent on the benchmark.
