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Man Infra subsidiary to jointly develop ultra-luxurious residential high rise tower at Tardeo, Mumbai

The Project has a carpet area for sale of 6 lakh sq. ft. is expected to generate approximately Rs3,000cr over the next 4 to 5 years.

November 29, 2021 4:45 IST | India Infoline News Service
Man Infraconstruction subsidiary, MICL Properties LLP on Monday announced that it 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.

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."

The Project has a carpet area for sale of 6 lakh sq. ft. is expected to generate approximately Rs3,000cr over the next 4 to 5 years. This landmark project will be one of the tallest residential structures in India having a 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.

On Sensex, Man Infra closed at Rs88.65 per piece down 5.03%. 

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