Stock Report

MICL Group soon to unveil its Uber-Luxurious Vile Parle Project Mumbai

Posted On : 2024-10-02 19:27:22( TIMEZONE : IST )

Man Infraconstruction Limited (MICL Group), one of the leaders in the luxury residential real estate sector, has announced the successful acquisition of the Commencement Certificate (CC) for its highly anticipated Vile Parle project. This key milestone sets the stage for the formal launch of the project, which is expected to take place shortly after securing the necessary RERA approvals.

Located on Swami Vivekanand (S.V.) road the project offers excellent connectivity to nearby schools, colleges, hospitals, railway station, airport, beach and entertainment hubs. This is the first cluster development of Vile Parle West and yet another successful cluster development by MICL Group.

The Vile Parle 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 ₹1,200 crores. The project is executed through a JV entity of MICL Group under asset-light Development Management (DM) model.

MICL is poised to achieve an expected Profit Before Tax of ₹200+ crore from this project. This shall comprise of the DM fees, Project Management Consultancy (PMC) fee on construction and an interest income on the initial investment made by the company in the project.

Commenting on the development, 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."

Shares of Man Infraconstruction Limited was last trading in BSE at Rs. 191.40 as compared to the previous close of Rs. 190.45. The total number of shares traded during the day was 55139 in over 1043 trades.

The stock hit an intraday high of Rs. 192.95 and intraday low of 189.65. The net turnover during the day was Rs. 10508639.00.