Mumbai, Aug. 26 -- The House of Abhinandan Lodha (HoABL) and NITCO's real estate arm are set to jointly develop a 40-acre luxury project near Alibag, with an estimated investment of Rs.1,000 crore. The land parcels, located at Thal and Lonare, will be developed in phases and are planned to include luxury apartments, townhouses, hospitality facilities and other amenities. For the joint development, HoABL's subsidiary HoABL Impactum Land Pvt Ltd has entered into an MoU with NITCO Realties Pvt Ltd and its promoter Vivek Talwar. The proposed project will also include a boutique luxury hotel, which is expected to be operated under Miros. The hospitality brand currently services the clubhouses at HoABL's Sol de Alibaug project. This will be HoABL's second project in the Alibag region. Its first, Sol de Alibaug, is a 20-acre luxury land development at Munawali. The project has seen purchases by celebrities including Amitabh Bachchan, Kriti Sanon and Kartik Aaryan. HoABL expects the development to generate revenue of around Rs.3,000 crore for the company and Rs.1,500 crore for NITCO over five years. Most of the Rs.1,000-crore investment is expected to be spent on construction. "This joint venture represents an important step in our journey to create differentiated, high quality destinations," said Abhinandan Lodha, chairman, HoABL. Over the past decade, areas within and around the otherwise sleepy seaside retreat Alibag have witnessed a surge in real estate activity, with developers such as Hiranandani Communities, House of Hiranandani, Mahindra Lifespace, Lodha Group, and Oberoi Realty also entering the market....