The project is executed under the company’s asset-light Development Management (DM) model and it has secured a Letter of Intent (LOI) from Shreepati Zaoba Housing LLP.
Share Market News: Shares of Man Infraconstruction Limited (MICL), the infrastructure and construction major, gained around 3 per cent on Friday as the company announced an ultra-luxurious project at Marine Lines in South Mumbai. The counter opened in green at Rs 206.05 and gained 3.69 per cent to touch an intraday high of Rs 210.85. This is the second such project by MICL in this area. The residential structures will 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. With the 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 expected to generate total sales value of above Rs. 2,100 crore,” the company said.
The project is executed under the company’s asset-light Development Management (DM) model and it has secured a Letter of Intent (LOI) from Shreepati Zaoba Housing LLP. MICL is poised to achieve an expected Profit Before Tax of Rs. 400+ crore from this project. This 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.
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.”
Disclaimer: This article is for informational purposes only and not an investment advice