Man Infraconstruction on Friday announced that it has bagged an ultra-luxurious project at Marine Lines in South Mumbai, with the expected total sales value of above Rs 2100 crore. “It is set to become yet another tallest residential structure in India to be done by MICL group surpassing the height of above 800 feet. With a proven track record of delivering all its 16 projects before time, MICL group intends to deliver this project in a span of 5 years from launch date,” the company said in a regulatory filing.
The project has a total construction area of approximately 22 lakh square feet offering a RERA carpet area of around 5.3 lakh square feet for sale. “The project is executed under our asset-light Development Management (DM) model and we have secured a Letter of Intent (LOI) from Shreepati Zaoba Housing LLP,” it said.
MICL is poised to achieve an expected Profit Before Tax of Rs 400+ crore from this project. This, it added, 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.
Manan P Shah, Managing Director, said, “We are extremely pleased to announce the arrival of the uber-luxurious sea-facing property near Marine Lines. This project is poised to redefine Mumbai’s skyline, offering an unparalleled view of the ocean to a select few. Notably, this marks MICL Group’s second venture into uber-luxurious residential projects in South Mumbai, following the launch of our first project, ‘Aaradhya Avaan’ at Tardeo, which shall be one of the tallest towers in the country, surpassing 1,000 feet in height. The Marine Lines project is expected to exceed 800 feet in height and will feature a range of ultra-luxurious amenities, promising to set a new standard for lifestyle and living in South Mumbai.”