Man Infraconstruction Limited (MICL) Group, which holds a 33.32% stake in Royal Netra Constructions Private limited, announced on August 28 its plans to develop one of the largest redevelopment projects in the western suburbs of Mumbai.
The project will have a carpet area for sale of about 17 lakhs square feet with the potential to generate revenue of Rs. 4,000 crore in the next 5 years, the company said.
This latest addition to the project will expand MICL Group’s Real Estate Portfolio from 4.6 million sq. ft. to 6.3 million sq. ft. of carpet area, the press release added.
The project will have a total construction area of over 50 lakh sq. ft and is expected to be completed within the next 5 to 6 years.
Commenting on this development, Manan P. Shah, Managing Director, MICL said, "We are excited and thrilled to announce that MICL Group has expanded its horizons in western suburbs by adding a large-scale development project located at Goregaon West. The acquisition of the project into MICL’s real estate portfolio marks a momentous achievement for the MICL Group."
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"The project is spread over a 10-acre land parcel which will witness one of the largest redevelopments in the Mumbai market," Shah further added.
On June 6, the company announced a significant project a residential project in Mumbai's Ghatkopar East with a potential to generate revenue of Rs 1,200 crore in the next four years.
On June 23 the company received an order from Bharat Mumbai Container Terminal Private Limited (BMCTPL) for a project worth Rs 680 crore (inclusive of GST) at Jawaharlal Nehru Port (JNPT), Navi Mumbai, Maharashtra within time-frame of 2.5 years.
On August 28, at 11:23 am, the share price was up 6.22 percent at Rs 146.85
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