MICL Properties LLP, a subsidiary of Man Infraconstruction Limited; wherein the Company holds 99.99% partnership interest, is jointly developing an ultra-luxurious residential high rise tower at Tardeo, next to Bhatia Hospital, Mumbai under asset-light Development Management (DM) model. While MICL group has a very strong real estate portfolio in the western and central suburbs of Mumbai, this project addition will establish the Group's presence in South Mumbai.
The Project having carpet area for sale of "' 6 lakh sq. ft. is expected to generate approx. Rs. 3,000 Crores over next 4 to 5 years. This landmark Project will be one of the tallest residential structures in India having proposed height of ~ 250+ mtrs.
Apart from managing the design, sales and marketing of the Project, the Company will also execute the construction work leading to timely delivery of the Project.
Commenting on this development, Mr. Manan P. Shah, Managing Director said, "We are proud to add this iconic project to our portfolio which is the first Cluster Redevelopment Project in South Mumbai approved under Regulation 33(9) of the new development regulations. This acquisition is in line with our asset-light strategy and will further strengthen the cash flows and balance sheet of the Company. We are committed to bring in our construction expertise and development capabilities to create this landmark project in South Mumbai."
Shares of Man Infraconstruction Limited was last trading in BSE at Rs. 93.35 as compared to the previous close of Rs. 101.35. The total number of shares traded during the day was 344337 in over 4930 trades.
The stock hit an intraday high of Rs. 100.50 and intraday low of 92.35. The net turnover during the day was Rs. 32914718.00.