Abhinandan Lodha, NITCO plan ₹1,000-crore luxury project near Alibag

The House of Abhinandan Lodha and NITCO are set to jointly develop a 40-acre luxury project near Alibag, with an estimated investment of ₹1,000 crore.

The House of Abhinandan Lodha (HoABL) and NITCO’s real estate arm are set to jointly develop a 40-acre luxury project near Alibag, with an estimated investment of ₹1,000 crore. The land parcels, located at Thal and Lonare, will be developed in phases and are planned to include luxury apartments, townhouses, hospitality facilities and other amenities.

The land parcels, located at Thal and Lonare, will be developed in phases and are planned to include luxury apartments, townhouses, hospitality facilities and other amenities. (Unsplash/Representational)

For the joint development, HoABL’s subsidiary HoABL Impactum Land Pvt Ltd has entered into a memorandum of understanding (MoU) with NITCO Realties Pvt Ltd and its promoter Vivek Talwar.

The proposed project will also include a boutique luxury hotel, which is expected to be operated under Miros. The hospitality brand currently services the clubhouses at HoABL’s Sol de Alibaug project.

This will be HoABL’s second project in the Alibag region. Its first, Sol de Alibaug, is a 20-acre luxury land development at Munawali. The project has seen purchases by celebrities including Amitabh Bachchan, Kriti Sanon and Kartik Aaryan.

Abhinandan Lodha sets project expectations

HoABL expects the development to generate revenue of around ₹3,000 crore for the company and ₹1,500 crore for NITCO over five years. Most of the ₹1,000-crore investment is expected to be spent on construction.

“This joint venture represents an important step in our journey to create differentiated, high quality destinations. By bringing together premium residential formats such as apartments and townhouses with a boutique hospitality offering, we aim to create an integrated development that delivers long term value and a distinctive lifestyle experience,” said Abhinandan Lodha, chairman, HoABL.

Over the past decade, areas within and around the otherwise sleepy seaside retreat Alibag have witnessed a surge in real estate activity, with developers such as Hiranandani Communities, House of Hiranandani, Mahindra Lifespace, Lodha Group, Oberoi Realty, Peninsula Land, Runwal Enterprises and Emaar Properties also entering the market.