Man Infraconstruction Limited (MICL) shares jumped more than 3% on Friday, March 22, after the company said it has bagged an ultra-luxurious residential project in South Mumbai.
In a stock exchange filing, Man Infra said it has acquired an iconic uber-luxurious sea-facing residential project near Marine Lines, making it a prestigious addition to the company’s real estate portfolio in South Mumbai.
The said new residential project is set to become among the other tallest residential structures constructed in India, which will be done by MICL Group and will be exceeding the height of over 800 feet.
The project is expected to generate a
total sales value of more than ₹2,100 crore, given its total construction area of nearly 22 lakh square feet, along with a RERA carpet area of approximately 5.3 lakh square feet for sale.
The company expects to garner a likely profit before tax (PBT) of over ₹400 crore from this new project in Marine Lines, which will constitute the DM fees, poroject management consultancy (PMC) fee on construction and an interest income on the initial investment made by Man Infra into the project.
The MICL group has set a five-year time frame to construct the project, from launch date, given the company’s track record of delivering all of its 16 projects before time.
The company informed the stock exchanges that the execution of the project has been done under its asset-light development management (DM) model. Further, Man Infra has received a Letter of Intent (LOI) from Shreepati Zaoba Housing LLP.
“This project is poised to redefine Mumbai's skyline, offering an unparalleled view of the ocean to a select few. Notably, this marks MICL Group's second venture into uber-luxurious residential projects in South Mumbai, following the launch of our first project, ‘Aaradhya Avaan’ at Tardeo, which shall be one of the tallest towers in the country, surpassing 1,000 feet in height,” said the Managing Director of the Mumbai-based company, Manan P Shah.
Shares of Man Infraconstruction Ltd were trading 2.48% higher at ₹208.4 apiece on BSE at 11:31 am.
