One of the industry pioneers in luxury residential real estate, Man Infraconstruction Limited (MICL Group), is happy to announce that it has been awarded the Commencement Certificate (CC) for its much-awaited Vile Parle project. This significant accomplishment prepares the project for its official debut, which is expected to take place soon after receiving the necessary RERA permissions.

The 3 acres that make up the Vile Parle project are host to ten residential buildings, each with fifteen storeys. A total of over 3.5 lakh square feet of carpet space are available for buying, comprising high-end 2 BHK, 3 BHK, and 4 BHK residential areas. The project is expected to generate around Rs 1,200 crores in sales in total. The project is carried out using the asset-light Development Management (DM) methodology by a joint venture of MICL Group. With this project, MICL expects to make more than Rs 200 crore in profit before taxes. This will include the DM fees, the construction-related Project Management Consultancy (PMC) charge, and interest income from the company’s initial project investment.

The project is on Swami Vivekanand (S.V.) Road, provides good access to the area’s schools, colleges, hospitals, railway stations, airports, beaches, and entertainment venues. This is Vile Parle West’s first cluster development and MICL Group’s third fruitful cluster development overall.

Manan Shah, Managing Director of MICL Group, said, “We are thrilled to have secured the Commencement Certificate for our highly anticipated Vile Parle project. With meticulously planned space on a 3-acre land, we are set to redefine luxury living. We look forward to launching this iconic project setting new benchmarks in Mumbai’s real estate landscape.”
For the fiscal year that ended on March 31, 2024, Maninfra recorded a consolidated total income of Rs. 1,360 Crores and a net profit of Rs. 300 Crores. The company’s two main sectors, construction and real estate development, are housed at its Mumbai headquarters. With almost 60 years of expertise and execution skills in the port, residential, commercial & industrial, and road building segments, MANINFRA is an integrated EPC (Engineering, Procurement, and building) business with projects all throughout India.

With a target price of Rs 240, Axis Securities has issued a buy call on Man Infraconstruction. Man Infraconstruction shares are currently available for purchase for Rs 190.3.

Manan Shah, the managing director of MICL Group and an established name in the real estate sector, was recently recognised in the esteemed Hurun India Under 35 List, which honours the country’s most promising young leaders. This announcement was made by Man Infraconstruction Limited (MICL Group). MICL has accomplished incredible milestones under Mr. Shah’s direction, including diversifying into the real estate industry, completing all projects ahead of schedule, and launching a number of high-profile projects with success. The MICL Group is expected to develop significantly over the next several years because of a strong pipeline of planned projects in strategic locations including Vile Parle, Marine Lines, Pali Hill, close to BKC, and close to Dahisar.

Story first published: Wednesday, October 2, 2024, 11:01 [IST]