Tile manufacturing company NITCO has sold a four-acre land parcel in Kanjurmarg, Mumbai to realty developer Runwal for Rs 232 crore. The land parcel currently houses a large showroom and storage space of the tile manufacturer. 

The real estate developer is planning to invest a total of Rs 1,500 crore to develop a premium residential project on the land parcel. The plot is estimated to have a total development potential of one million sq. ft. with commercial and retail components. This acquisition aligns with its growth strategy of developing luxury residential projects in prime locations. 

The planned development will capitalise on robust infrastructure in the area, making it an attractive investment. The land parcel has connectivity to key transportation links such as the Eastern Express Highway, Jogeshwari-Vikhroli Link Road (JVLR), and Kanjurmarg railway station. The area is also expected to benefit from enhanced accessibility with the upcoming Metro line-4 and 6. The board of directors and shareholders of NITCO have already approved the transaction. Rregistration is expected to be executed in the next few days.