Man Infraconstruction shares open marginally lower in the early trade on October 3 despite the company secured the Commencement Certificate (CC) for the Vile Parle resential project, paving the way for the project's formal launch, which is expected to take place shortly after securing the necessary RERA approvals.
At 09:27am, Man Infraconstruction was quoting at Rs 190.85, down Rs 0.55, or 0.29 percent, on the BSE.
The project spread over 3 acres comprise 10 residential towers, each 15 storeys high. It offers a total carpet area for sale of approximately 3.5 lakh sq. ft. featuring premium 2 BHK, 3 BHK and 4 BHK residential spaces.
The project has total estimated sale potential of over Rs 1,200 crore and is executed through a JV entity of MICL Group under asset-light Development Management (DM) model.
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The company is poised to achieve an expected profit before tax of over Rs 200 crore from this project.
“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," said Manan Shah, Managing Director of MICL Group.
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