NITCO Limited, a prominent name in India’s premium tiles and marble sector, has entered into a strategic agreement with Manometer (India) LLP (formerly Manometer (India) Private Limited) for a significant real estate transaction. The deal involves the assignment of leasehold rights in Plot No. F-6/3, covering 4,144 square meters at Trans Thane Creek Industrial Area, MIDC, Thane. The company announced the development in a statement yesterday.
Under the terms of the agreement, NITCO has secured a constructed carpet area of 7,459.2 square meters—or 80,293 square feet—equivalent to 25% of the FSI area, whichever is higher, in Manometer’s upcoming development on the plot. The asset is expected to generate a profit of approximately ₹100 crore over the next three to four years.
This transaction marks NITCO’s first successful real estate deal from its extensive land bank in the Mumbai Metropolitan Region Development Authority (MMRDA) area, which spans over 330 acres owned jointly with its wholly owned subsidiaries. The land parcels, currently in various stages of clearance, are slated for phased handover to leading real estate developers, a process that is anticipated to unlock substantial value for NITCO over time. The company is also actively pursuing additional land acquisitions in the MMRDA region to further strengthen this lucrative business vertical.
“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.”
In addition, NITCO has recently secured significant product orders, including major deals from Prestige Estates and Hindustan Associates, with a combined value of ₹200 crore.
Moving forward, NITCO’s dual focus on securing major product orders and expanding into the real estate sector is expected to enhance its competitive edge in an increasingly dynamic market. The phased handover of its MMRDA land bank to top-tier developers is likely to unlock additional value, reinforcing NITCO’s role as a preferred partner in transformative architectural and development ventures.
NITCO Limited is a public limited company, incorporated in the year 1966 with its registered office in Mumbai. It is traded on two stock exchanges i.e. Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).