NEW DELHI: NITCO, a tiles and marble manufacturer, has assigned the leasehold rights of plot spanning 4,144 sq meters at Trans Thane Creek Industrial Area, MIDC, Thane to Manometer (India) LLP.
As part of the agreement, the company will receive a monetary consideration of ₹11,00,000 and non-monetary consideration of 7,459.2 sq meters (80,293 sq ft) of constructed carpet area or 25% of the FSI area, whichever is higher, in the upcoming development by Manometer on the said plot.
This asset is projected to generate approximately ₹100 crore in profit over the next three to four years.
This is the company’s first real estate transaction from its land bank in MMRDA of over 330-acre which it owns along with its wholly owned subsidiaries. These land parcels are in various stages of clearance and will be handed over in phases to real estate developers, unlocking significant value for the company over time.
As a lucrative business vertical, NITCO is actively pursuing acquisition of further land parcels in MMRDA for future development.
