Man Infraconstruction Ltd updates on Pali Hill Project

Man Infraconstruction Limited ("MICL Group"), one of the leading real estate developers, is pleased to announce that it has received the IOD from the local municipal authorities for the redevelopment of Virgo CHS Limited, located at the prestigious Pali Hill in Bandra (West), Mumbai.

Commenting on the development, Mr. Manan Shah, Managing Director of MICL Group, said, "Pali Hill remains one of Mumbai's most established luxury residential micro-markets, characterised by enduring demand supported by its legacy, strategic location, and premium positioning. Widely regarded as part of the city's 'billionaire's row', the neighbourhood has consistently attracted influential personalities across business, arts, and public life, reinforcing its stature as one of Mumbai's most distinguished residential enclaves. Within this highly exclusive corridor, we intend to position the project as a benchmark ultra-luxury address."

With the receipt of the IOD, we have crossed an important regulatory milestone. The project aligns with our strategy of selective participation in high-entry-barrier micro-markets that offer strong absorption potential and healthy realisation prospects. We are confident that the inherent demand dynamics of Pali Hill will enable us to achieve strong momentum. We believe this development will further strengthen our presence in Bandra (West) and contribute meaningfully to long-term value creation for stakeholders."

We are pleased to announce that the residential site has been fully vacated and shall now undergo demolition, following which construction activities will commence for the development of an ultra-luxurious residential project.

The project is in the process of obtaining other requisite approvals in due course and MICL Group is gearing up for a formal launch in the coming quarter.

The project has an estimated sale potential exceeding ₹500 crore, positioning it as a high-value residential development in one of Mumbai's most premium residential micro-markets. It will be undertaken through Atmosphere Homes LLP, an associate entity of MICL in which MICL Group holds an approximately 34% stake.

Shares of Man Infraconstruction Limited was last trading in BSE at Rs. 111.45 as compared to the previous close of Rs. 111.45. The total number of shares traded during the day was 22027 in over 279 trades.

The stock hit an intraday high of Rs. 112.00 and intraday low of 110.05. The net turnover during the day was Rs. 2452393.00.

Source : Equity Bulls

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ManInfraconstruction INE949H01023 MICLGroup PaliHill ProjectUpdate