MUMBAI,31st March 2025: NITCO Limited, India’s leading premium tiles and marble brand, proudly announces 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.
As part of the agreement, 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 ₹100 crore in profit over the next three to four years.
This agreement with Manometer marks NITCO’s first successfully concluded real estate transaction from its extensive land bank in MMRDA of over 330-acre which it owns along with 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 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 ₹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, 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 legacy of unparalleled craftsmanship and innovation, reinforcing its position as a preferred partner for transformative architectural and development ventures.
