Nitco Kanjurmarg deed: ₹143 cr received in 2026

What Nitco has completed

Nitco Ltd has completed the registration of the conveyance deed for 75% of its land parcel at Kanjurmarg, Mumbai. The company said it has received a monetary consideration of ₹143 crore for this portion of the transaction. The buyer is R Siddhatva Developers Private Limited, described as a step-down subsidiary of Runwal Construction Private Limited. The development is the latest milestone in Nitco’s previously disclosed plan to monetise the Kanjurmarg property through a combination of cash proceeds and non-cash commercial assets.

Buyer and transaction counterparties

The conveyance deed for 75% of the land has been registered in favour of R Siddhatva Developers Private Limited. Nitco’s disclosures identify the buyer as a step-down subsidiary of Runwal Construction Private Limited. In earlier communications around the monetisation proposal, Nitco also referred to Runwal Construction Private Limited as the party from whom an advance amount had been received and appropriated for the 75% portion. This structure is relevant because Nitco had earlier attempted to monetise the same land with Runwal Construction Private Limited, but that earlier transaction did not materialise.

How the deal is structured across 75% and 25%

The transaction is split into two parts. For 75% of the land, Nitco has now executed and registered the conveyance deed and received ₹143 crore. For the remaining 25%, Nitco has registered an agreement with the same entity, but the conveyance deed for that portion is not yet executed. Nitco has stated that the conveyance for the balance portion will be executed only after it receives specified commercial assets.

Those commercial assets comprise 1,00,000 square feet of commercial RERA carpet area and an additional 8,500 square feet of space in the basement. Nitco has also stated that it expects additional revenue of ₹250 crore from the sale of the remaining commercial space. The linkage between the 25% land conveyance and the commercial area delivery indicates that the consideration mix includes both monetary and non-monetary components.

Key agreements and conditions referenced by the company

Nitco has linked the completed registration to conditions and approvals under earlier agreements. The company stated that the transaction follows shareholder approvals and fulfils conditions set in earlier agreements dated May 13, 2026, and June 29, 2026. The May 13, 2026 board meeting is specifically referenced in Nitco’s earlier disclosures as the date when the board reviewed and approved modifications to the monetisation structure.

In those modifications, Nitco disclosed that an advance amount of ₹143 crore had been appropriated towards monetisation of 75% of the land. The balance 25% was positioned to be monetised later against an increased area share in the project proposed to be developed by the buyer entity.

Shareholder approval and voting outcome

The monetisation plan for the Kanjurmarg property went through a postal ballot process. Nitco stated that shareholders approved the resolution with 99.99% votes in favour. The voting data provided included 165,721,845 votes polled for the resolution and 3,433 votes against it. The postal ballot process concluded on June 27, 2026, and the company had indicated that the results would be announced on or before June 30, 2026.

The shareholder approval permitted Nitco to enter into a conveyance deed or agreement with R Siddhatva Developers Private Limited for monetisation of the Kanjurmarg land. The approvals also helped align the revised structure after the earlier approved transaction did not go through.

The land parcel: location and size details disclosed

Nitco’s postal ballot notice identified the land parcel as bearing C.T.S. No. 657D, corresponding to Old Survey No. 275. The disclosed land area is 16,257.5 square metres. These identifiers matter for investors tracking whether the asset being monetised matches earlier board and shareholder resolutions. The disclosure also helps stakeholders map the transaction to regulatory filings and land records.

Financial context from earlier disclosures

In earlier notes, Nitco disclosed an advance of ₹143 crore received for the Kanjurmarg property sale, with the sale not yet recognised at that time. Separately, Nitco also disclosed an assignment of leasehold rights in Thane for a monetary consideration of ₹0.01 crore (₹1 lakh) along with non-monetary consideration of constructed area.

Nitco’s board had also approved monetisation of the Kanjurmarg land for a monetary consideration of ₹232 crore under a prior structure, with an advance of ₹143 crore already received. That earlier framework was referenced as having been approved previously but not materialising, which is why the company moved ahead with the step-down subsidiary under a revised commercial structure.

What changes for the remaining 25%

For the remaining 25% of the Kanjurmarg land, Nitco has stated that the agreement is registered but the conveyance deed will only be executed after receipt of the specified commercial assets. That makes the timeline and completion dependent on delivery of the commercial RERA carpet area and basement space.

Nitco has also stated an expectation of additional revenue of ₹250 crore from the remaining commercial space sale. This expected figure is tied to the commercial space component rather than a disclosed cash consideration for the 25% land portion. Investors will likely track how and when the commercial assets are received and how the expected revenue is realised.

Key facts table

Market impact and why the milestone matters

The completion of the conveyance deed for 75% of the land provides a documented step in Nitco’s Kanjurmarg monetisation process, supported by a disclosed receipt of ₹143 crore. For investors, the key point is that the transaction is not purely cash-based across the entire land parcel. The remaining 25% is explicitly linked to non-cash commercial assets, and Nitco’s expectation of ₹250 crore additional revenue depends on eventual sale of commercial space.

From a process standpoint, the company has now tied together board-approved modifications, shareholder consent via postal ballot, and the legal act of conveyance registration for a substantial portion of the asset. The next verifiable milestone will be execution of the conveyance deed for the balance 25% after receipt of the specified commercial assets.

Conclusion

Nitco has registered the conveyance deed for 75% of its Kanjurmarg land and received ₹143 crore from R Siddhatva Developers, a step-down subsidiary of Runwal Construction. The remaining 25% will move to conveyance only after delivery of 1,00,000 sq ft of commercial RERA carpet area and 8,500 sq ft of basement space, with Nitco stating an expectation of ₹250 crore additional revenue from commercial space sale.