Nitco, a well-known player in ceramic tiles has bought 100-acre land in Alibaug near Mumbai valued at around Rs 500 crore.
The company is planning to build luxurious villas in Alibaug. “We have bought 100 acres in Alibaug and now we have total land bank of over 120 acres in India,” said Vivek Talwar, managing director, Nitco. “We will be launching projects on Alibaug land within two years,” he said.
Lately, many builders have queued for developing properties in Alibaug. Presently Samira Habitats is one of the biggest developers in Alibaug and is selling independent bungalows costing at least Rs 50 lakh and going up to couple of crores.
Many celebrities are buying properties in Alibaug, which developers said will be connected to South Mumbai via a regularised sea rout transport any time soon.
“We will built high-end villas in Alibaug within two years but as of now we are concentrating on our Thane’s commercial project. We have couple of other projects in Mumbai on hand as well,” said Talwar.
The company recently launched its commercial project in Thane and is selling it for Rs 6,000 per sq ft. It will depend on internal accruals and debt for financing the projects, including Alibaug project.
The company is also planning to convert its other 19 acres of land bank—10 acres of land in New Delhi and 9 acres in Goa for developing residential real estate. Although Nitco is yet to take get required permissions in both the cities before it starts its real estate projects.