Mumbai’s real estate landscape has seen a notable transaction as tile manufacturer NITCO has sold a four-acre land parcel in Kanjurmarg to prominent developer Runwal for INR 232 crore. This strategic move marks a significant shift in the land’s use, as the property currently accommodates a large showroom and storage facility for the tile company.
Runwal is poised to undertake an ambitious development project on this prime land, planning to invest a substantial INR 1,500 crore, which includes the acquisition cost. The envisaged project will comprise a luxury residential development with an estimated total built-up area of 1 million square feet. This development will also incorporate some commercial and retail elements, enhancing its appeal and utility.
According to a spokesperson from Runwal, “The Kanjurmarg land parcel represents a key asset with considerable development potential. This acquisition is a strategic move that aligns with our goal to create 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, including land acquisition, 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 that the deal for the Kanjurmarg plot has been finalised, with only the final paperwork pending. This sale is part of NITCO’s strategic efforts to streamline its asset portfolio and refocus on its core business operations. The proceeds from the land sale will likely be reinvested into the company’s primary activities and future projects.
