NITCO Sells Prime Mumbai Land to Runwal for ₹232 Crore

NITCO, a prominent tile manufacturing company, has finalized the sale of a valuable four-acre land parcel in Kanjurmarg, Mumbai, to the real estate developer Runwal for ₹232 crore. This significant transaction involves a site currently hosting NITCO’s large showroom and storage facilities.

Runwal plans an ambitious investment of ₹1,500 crore to transform the land into a premium residential project. The development is set to feature one million square feet of space, incorporating both commercial and retail elements. This move is a strategic addition to Runwal’s portfolio, focusing on luxury residential projects in high-demand locations.

The land’s strategic location enhances its appeal, benefiting from excellent infrastructure. It enjoys connectivity to major transportation links including the Eastern Express Highway, Jogeshwari-Vikhroli Link Road (JVLR), and Kanjurmarg railway station. Additionally, upcoming Metro lines 4 and 6 are expected to further boost accessibility and attractiveness.

With NITCO’s board and shareholders having approved the deal, the registration process is anticipated to be completed in the coming days. This transaction highlights the growing demand for premium real estate in Mumbai’s prime areas.

News by Rahul Yelligetti