Man Infraconstruction Limited, holding a substantial 33.32% stake in Royal Netra Constructions Pvt Ltd, has unveiled plans for a remarkable redevelopment project in the western suburbs of Mumbai. The venture is set to become one of the largest redevelopment endeavors in the area, boasting an expansive carpet area of approximately 17 lakh sq ft for sale. Over the course of the next 5 years, the company projects earnings of Rs 4000 crore from this ambitious undertaking.
Elevating Real Estate Portfolio
The project not only signifies a bold step in Mumbai’s real estate landscape but also augments Man Infraconstruction’s real estate portfolio. This latest endeavor propels the company’s carpet area from 4.6 million sq ft to an impressive 6.3 million sq ft, consolidating its footprint within the city.
Future Vision and Expansion
The expansive project spans across 10 acres of land, promising to be a transformative addition to Mumbai’s realty market. Manan P. Shah, MD of MICL, expressed excitement about this notable undertaking. The project aligns with MICL Group’s mission to contribute to Mumbai’s dynamic growth, particularly in the western suburbs. The development is anticipated to span a total construction area of over 50 lakh sq ft and is projected for completion within the next 5 to 6 years.
Additional Ventures and Growth
This announcement follows the company’s recent reveal of a significant residential project in Ghatkopar East, with projected earnings of Rs 1200 crore over the next four years. Moreover, the company’s diverse endeavors extend beyond residential development, as evidenced by a project order from Bharat Mumbai Container Terminal Pvt Ltd (BMCTPL) at Jawaharlal Nehru Port (JNPT), Navi Mumbai, Maharashtra, worth Rs 680 crore.
As of August 28, the company’s stock exhibited a noteworthy 6.29% increase, reaching Rs 146.80. Man Infraconstruction’s strategic ventures and growth trajectory position it as a key player in Mumbai’s ever-evolving real estate market.