Land transaction
NITCO completes 75% conveyance of Kanjurmarg land for ₹143 crore
NITCO said on October 14, 2026, that it had registered the conveyance of 75% of its Kanjurmarg land parcel to R Siddhatva Developers, a step-down subsidiary of Runwal Construction, and received ₹143 crore. The remaining 25% is tied to delivery of commercial and basement space, after which its conveyance deed is to be executed.
| Location | CTS No. 657D, Old Survey No. 275, Village Kanjur, Taluka Mulund, Mumbai district |
|---|---|
| Parcel area | Approximately 16,257.5 sq m |
| Buyer | R Siddhatva Developers Private Limited, a step-down subsidiary of Runwal Construction Private Limited |
| Conveyed portion | 75%, for ₹143 crore received by NITCO |
| Consideration for remaining 25% | 1,00,000 sq ft of commercial RERA carpet area and 8,500 sq ft of additional basement space |
| NITCO's estimate | Approximately ₹250 crore from selling the commercial space |
What NITCO disclosed
In an exchange disclosure dated October 14, 2026, NITCO said it had registered the conveyance deed for 75% of its Kanjurmarg land in favour of R Siddhatva Developers Private Limited. NITCO received ₹143 crore for that portion. The disclosure was signed by Vivek Talwar, the company’s chairman and managing director.
The parcel is identified as CTS No. 657D, corresponding to Old Survey No. 275, at Village Kanjur, Taluka Mulund, Mumbai district. It measures approximately 16,257.5 square metres.
NITCO said completion followed fulfilment of the required conditions and receipt of shareholder approvals.
How the remaining share is structured
NITCO also registered an agreement for sale for the remaining 25%. The conveyance deed for that portion is to be executed after NITCO receives 1,00,000 sq ft of commercial RERA carpet area and 8,500 sq ft of additional basement space.
NITCO expects to realise approximately ₹250 crore by selling the commercial space. That figure is the company’s estimate of future revenue from those sales, not consideration already received for the land. The company has not announced a timetable for delivery, sale or revenue realisation.
Revised monetisation arrangement
On May 13, 2026, NITCO’s board approved a revised monetisation structure with R Siddhatva Developers, replacing Runwal Construction as the buyer entity. NITCO’s shareholder notice said the revised transaction was not a related-party transaction and that R Siddhatva Developers was not related to NITCO’s promoter, promoter group or group companies.
Shareholders had approved an earlier monetisation proposal on July 17, 2024. That structure contemplated ₹232 crore in monetary consideration plus office space. Under the revised arrangement, ₹143 crore is allocated to the 75% land portion, while the balance is tied to commercial and basement space. NITCO said the ₹143 crore received as an advance from Runwal under the earlier arrangement was appropriated against the 75% portion.
What it means for the market
The completed conveyance turns three-quarters of NITCO’s land interest into ₹143 crore of received consideration. For the remaining quarter, NITCO is due to receive space rather than cash at conveyance, and expects to generate revenue by selling the commercial space.
The buyer is to develop a project on the Kanjurmarg land. The October disclosure identifies the commercial space to be delivered but does not name the project. As of October 2026, the transaction disclosures describe the land transfer and consideration structure; they do not announce a project launch or completion date.
Frequently asked questions
Who bought the Kanjurmarg land?
R Siddhatva Developers Private Limited, a step-down subsidiary of Runwal Construction Private Limited, is the buyer.
How much did NITCO receive for the conveyed portion?
NITCO said it received ₹143 crore for the 75% portion conveyed.
What is NITCO due to receive for the remaining 25%?
The agreement provides for 1,00,000 sq ft of commercial RERA carpet area and 8,500 sq ft of additional basement space.
Is the expected ₹250 crore already received?
No. It is NITCO’s estimate of revenue from selling the commercial space it expects to receive.
What happens before the remaining land is conveyed?
NITCO is to receive the specified commercial and basement space before the conveyance deed for the remaining 25% is executed.