HoABL, NITCO ink pact for 40-acre, Rs 4,500 cr mixed-use project in Alibaug

Real estate developer House of Abhinandan Lodha (HoABL) has entered into a pact with listed company NITCO Ltd, its wholly owned subsidiary Nitco Realties and promoter Vivek Talwar to jointly develop a 40-acre premium mixed-use project in Alibaug

The development is expected to generate revenue of around Rs 4,500 crore over five years. Of this, HoABL’s share will be Rs 3,000 crore and NITCO will get Rs 1,500 crore.

HoABL, through its wholly owned subsidiary HoABL Impactum Land Pvt Ltd, has signed a memorandum of understanding with the entities for development of land parcels at Thal and Lonare in Alibaug, Raigad near Mumbai.


The proposed development will comprise luxury apartments and townhouses, along with a boutique luxury hotel proposed to be operated under the Miros brand. The project is expected to be developed as an integrated destination with residential, hospitality and curated lifestyle amenities.

“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.

According to him, the company plans to invest around Rs 1,000 crore in the project, largely towards construction. The development will involve global architects and partners, with the project planned to be executed in phases.

While the land parcel is owned by NITCO entities, HoABL will be responsible for development, construction and branding of the project.

The companies have not disclosed the exact revenue-sharing or commercial structure of the proposed joint venture. Further details on the configuration, project timeline and hospitality partner are expected to be announced later.

The development marks HoABL's second project in Alibaug after Sol de Alibaug and expands its presence in the premium residential segment of the coastal market. The company has been increasingly positioning itself beyond its core land development business, with a focus on larger residential and hospitality-led destinations.

The project comes at a time when Alibaug is gaining traction as a luxury second-home and lifestyle destination among affluent buyers from Mumbai and other parts of the country. Improved connectivity and the growing presence of hospitality and residential developments have strengthened the market's appeal for premium real estate projects.

For NITCO, the transaction remains subject to conditions precedent, statutory approvals and execution of definitive agreements. NITCO has stated that HoABL Impactum is not related to its promoter group and that the transaction does not constitute a related-party transaction.