Man Infraconstruction Limited (MICL), a listed company, is anticipating a revenue of more than Rs 8,000 crore from the sale of three real estate projects in Mumbai. These projects include what is expected to be one of India’s tallest buildings in South Mumbai, along with developments in Ghatkopar and Goregaon.
The South Mumbai project in Tardeo is set to be a landmark, with a planned height of over 1,000 feet, aiming for a revenue potential of over Rs 3,000 crore. This ultra-luxury project, named Aaradhya Avaan, will feature two residential towers comprising 325 units, offering 3, 4, and 5 BHK apartments ranging from 1,300 sq ft to 3,330 sq ft. The company expects more than Rs 4,000 crore from the Goregaon project and over Rs 1,200 crore from the cluster redevelopment of 10 buildings in Ghatkopar.
During a recent conference call, Parag Shah, MICL Chairman, outlined three sources of income for the Tardeo project, including interest on investments, 10 percent of MICL construction costs, and a 12 percent fee on total sales.
In addition to these projects, MICL has undertaken one of Mumbai’s largest cluster redevelopment ventures in Ghatkopar, aiming for a revenue potential of more than Rs 1,200 crore. The development will consist of 11 towers with a total carpet area of around 4 lakh sq ft.
Moreover, MICL has acquired a redevelopment project in Goregaon West on a 10-acre land parcel. This project, with a saleable carpet area of more than 17 lakh sq ft, is expected to generate revenue of over Rs 4,000 crore in the next five years.
Manan Shah, Managing Director of MICL, expressed confidence in the real estate market, emphasizing the company’s bullish outlook and belief in the growth of the Indian real estate sector. Despite increased interest costs, the company sees a positive trend due to rising incomes and changing preferences, with flat sizes increasing by 10 percent to 15 percent on average.
