"MICL Group Lands New Project in Mumbai"

MICL Group has successfully obtained a new project in Mumbai, operating under the asset-light development management (DM) model. The company has acquired a letter of intent from Shreepati Zaoba Housing LLP for this endeavor.

Scheduled to be completed within five years from its launch date, the project boasts a total construction area of approximately 22 lakh square feet, with a RERA carpet area of about 5.3 lakh square feet available for sale. It is anticipated that the project will yield a total sales value exceeding ₹2,100 crore.

Commenting on this development, Manan P Shah, Managing Director of Man Infraconstruction, stated, "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."

At 10:28 am, shares of Man Infraconstruction were trading at ₹209.95, indicating a 3.12% increase on the NSE.

Furthermore, the board of Man Infraconstruction has greenlit the scheme of arrangement and merger by absorption of Manaj Tollway Pvt Ltd and Man Projects Ltd, wholly-owned subsidiaries, into the company and its shareholders.

HBL