Man Infraconstruction added 2.95% to Rs 200.60 after the company announced the acquisition of a prime redevelopment project at Bandra Kurla Complex (BKC).
The project involves redevelopment of Artek Co-operative Housing Society Limited (Society), in Kalanagar area situated at BKC.
As demand for high-end homes in Mumbai continues to grow, BKC stands out for its perfect blend of residential living and business prowess. This project's strategic location is set to make it a landmark in Mumbai's foremost commercial district.
The project has a total construction area of approximately 5.0 lakh square feet and offers a RERA carpet area of around 1.5 lakh square feet for sale. The MICL group intends to deliver this project in a span of 3 years from the launch date.
Man Infraconstruction holds 34% stake in the project. The project will be undertaken in one of its associate entity, 'Arhan Homes LLP'. The construction of the property will be executed by Man Infraconstruction.
Manan P. Shah, managing director said: We are excited to announce the acquisition of this prestigious redevelopment project at BKC, where we have executed the Development Agreement with the Society.
This project aligns with our vision of strengthening MICL Group's presence in Mumbai region by creating iconic developments that offer a superior living experience. We look forward to delivering yet another benchmark project that reflects our commitment to excellence.
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 19.99% decline in consolidated net profit to Rs 65.27 crore on 56.38% fall in net sales to Rs 296.74 crore in Q4 FY24 over Q4 FY23.
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