Man Infra secures commencement certificate for Rs 1,200-crore luxurious residential project in Mumbai

he project will feature premium 2 BHK, 3 BHK and 4 BHK residential spaces and has a total estimated sale potential of over Rs 1,200 crore

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Man Infraconstruction Ltd (MICL) received a festive boost on October 1 after the company informed the exchanges that it has acquired the Commencement Certificate (CC) for its uber-luxurious residential project in Mumbai’s Vile Parle.

Man Infraconstruction Ltd share price settled at Rs 191 per share on the NSE in Tuesday's trade, up marginally 0.49 percent. According to the data available on the BSE, the stock has advanced 26 percent in the last one year.

The counter moved higher by 161.48 percent in the last three years, according to BSE data. On YTD, it gave negative returns of 12.54 percent.

The project, which is spread over 3 acres, comprises of 15-storey high 10 residential towers and offers a total carpet area for sale of approximately 3.5 lakh sq. ft, the exchange filing said.

The project will feature premium 2 BHK, 3 BHK and 4 BHK residential spaces and has a total estimated sale potential of over Rs 1,200 crore, the filing said. The project is executed through a JV entity of MICL Group under asset-light Development Management (DM) model.

The shares of the engineering, procurement and construction major closed 0.49 percent higher at Rs 191 on NSE on October 1.

The acquisition of the CC will set the stage for the formal launch of the project subject to RERA approvals, the company statement said.

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.”

The company is expecting a profit before tax of over Rs 200 crore from the project, the statement added. The Mumbai-headquartered company reported a consolidated total Income of Rs 1,360 crore and a net profit of Rs 300 crore for the financial year ended 31st March, 2024, the filing said, adding that It is a net cash positive company at consolidated levels as on March 2024.