Merino Shelters Pvt Ltd monetizes Navi Mumbai land with Paradise Green - Spaces LLP

Merino Shelters Private Limited, Wholly-owned Subsidiary of Man Industries (India) Limited has entered into a Deed of Assignment along with granting of development rights on 31st March, 2025 for its piece and parcel of land of approx. 6 Acres Opp. D.Y. Patil Stadium, Navi Mumbai, Maharashtra with Paradise Green - Spaces LLP, part of Paradise Group.

Paradise Group is a trusted name in real estate known for creating legacies through exceptional residential and commercial projects. With an unwavering commitment to delivering world-class developments, they have already completed 8 Million sq. ft. construction and 30 Million sq. ft. is being developed with their strong presence across Navi Mumbai and MMR.

In view of the above, the upfront amount of Rs. 70 Crores and out of total area of the developed property the Company will get 30% area i.e. equivalent to approx. 4,50,000 sq. ft. Rera carpet area (Commercial and Residential) which has a monetising value of approx. Rs. 650 - Rs. 700 Crores over a period of 5 - 6 years. The total monetising value would be approx. Rs. 720 - Rs. 770 Crores.

Shares of Man Industries (India) Limited was last trading in BSE at Rs. 266.55 as compared to the previous close of Rs. 264.80. The total number of shares traded during the day was 163070 in over 1771 trades.

The stock hit an intraday high of Rs. 282.40 and intraday low of 265.00. The net turnover during the day was Rs. 44185394.00.

Source : Equity Bulls

Keywords

ManIndustriesIndia INE993A01026 MerinoShelters Monetisation DevelopmentRights LandParcel NaviMumbai ParadiseGreenSpacesLLP