MUMBAI: Tile manufacturer NITCO has sold a four-acre land parcel in Mumbai’s eastern suburb Kanjurmarg to realty developer Runwal for ₹232 crore.
The land parcel currently houses a large showroom and storage space of the listed tile making company.
The developer is planning to invest ₹1,500 crore including the land cost to develop a premium residential project on the land parcel. The plot is estimated to have a total development potential of 1 million sq ft including some commercial and retail components.
“The land parcel is a strategic asset with significant development potential. This acquisition aligns with our growth strategy of developing luxury residential projects in prime locations. The planned development will capitalize on the area’s robust infrastructure and stunning views, making it a highly attractive investment. Our total investment in this project will be around ₹1,500 crore,” Sandeep Runwal, MD, Runwal, told ET.
The Mumbai-based real estate developer has acquired the land parcel from NITCO through its subsidiary Runwal Construction.
“The deal for the Kanjurmarg plot is done and we will be finalizing the paperwork soon,” said Vivek Talwar, MD, NITCO..
