Mumbai’s real estate market has witnessed a significant transaction, with tile manufacturer NITCO selling a four-acre land parcel in Kanjurmarg to prominent developer Runwal for INR 232 crore. This strategic move marks a departure from the land’s current use as a showroom and storage facility for NITCO.
Runwal has ambitious plans for the prime property, envisioning a luxury residential development with an estimated total built-up area of 1 million square feet. To realize this vision, the developer is prepared to invest a substantial INR 1,500 crore, which includes the acquisition cost. The project will also incorporate commercial and retail elements, enhancing its appeal and functionality.
A spokesperson from Runwal expressed enthusiasm for the acquisition, stating, “The Kanjurmarg land parcel represents a key asset with considerable development potential. This acquisition aligns with our goal of creating high-end residential projects in premium locales. The planned development is expected to leverage the area’s advanced infrastructure and picturesque views, making it a lucrative investment. Our total financial commitment for this project will be around INR 1,500 crore.”
The transaction was executed through Runwal Construction, a subsidiary of the Mumbai-based real estate developer. NITCO confirmed the completion of the deal for the Kanjurmarg plot, with only the final paperwork pending. This sale is part of NITCO’s strategic efforts to streamline its asset portfolio and focus on its core business operations. The proceeds from the land sale will likely be reinvested into the company’s primary activities and future projects.
