Man Infra gains on acquiring project in South Mumbai

Man Infraconstruction advanced 1.97% to Rs 207.35 after the company said that it has acquired a residential luxury project near Marine Lines in Mumbai.

The project is estimated to generate over Rs 2,100 crore in revenue, with a height of over 800 feet. The firm intends to deliver this project in a span of 5 years from launch date.

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 company said that the project is executed under its asset-light development management (DM) model and it has secured a letter of intent (LOI) from Shreepati Zaoba Housing LLP.

The company expects a profit before tax of more than Rs 400 crore from this project. This shall comprise the DM fees, the project management consultancy fee on construction, and an interest income on the initial investment made by the company in the project, it added.

Manan P. Shah, managing director said, 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.

Man Infraconstruction has two business verticals viz., construction and real estate development. Maninfra is an integrated EPC (engineering, procurement and construction) company with nearly six decades of experience and execution capabilities in port, residential, commercial & industrial and road construction segments with projects spanning across India.

The company reported 2.1% decline in consolidated net profit to Rs 83.03 crore on 47.1% fall in net sales to Rs 241.76 crore in Q3 FY24 over Q3 FY23.

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