NITCO Limited announced a key strategic agreement with Manometer (India) LLP [Erstwhile Manometer (India) Private Limited]. This milestone deal involves the assignment of leasehold rights in Plot No. F-6/3, spanning 4,144 sq. meters at Trans Thane Creek Industrial Area, MIDC, Thane.
NITCO has secured 7,459.2 sq. meters (80,293 square feet) of constructed carpet area, or 25% of the FSI area, whichever is higher, in the upcoming development by Manometer on the said plot. This asset is projected to generate approximately Rs 100 crore in profit over three to four years.
This agreement with Manometer marks NITCO's first successfully concluded real estate transaction from its extensive land bank in MMRDA, which includes over 330 acres, which it owns, and its wholly-owned subsidiaries. These land parcels are in various stages of clearance and will be handed over in phases to India's top real estate developers, unlocking significant value for the company over time. As a lucrative business vertical, NITCO is actively pursuing the acquisition of further land parcels in MMRDA for future development.
This achievement follows NITCO's recent success in securing major product orders, including significant orders from Prestige Estates and Hindustan Associates, collectively valued at Rs 200 crore.
"This strategic step aligns with our vision of driving sustainable growth and expanding NITCO's footprint in premium projects," said Vivek Talwar, Chairman & Managing Director of NITCO Limited. "We continue to innovate and add value to every space we touch, reaffirming our leadership in the industry."
With this landmark agreement, NITCO continues to build on its unparalleled craftsmanship and innovation legacy, reinforcing its position as a preferred partner for transformative architectural and development ventures.
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