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Man Infraconstruction Ltd. on Monday, May 18, said it has acquired a property in Bandra West, Mumbai with a gross development value (GDV) of over ₹1,000 crore.
The company informed the exchanges that it acquired the "ultra-luxury sea-view residential development" off Bandstand in Bandra West. The MICL Group will hold 70% stake in the newly-acquired project, it said.
The project is spread across a plot area of 30,000 square feet and has applied for its IOD and is currently progressing through the approval process ahead of it its launch, Man Infra said.
It added that the project will be positioned as "The One & Only" within its MS Collection Residences vertical.
"With this acquisition, our Bandra portfolio — comprising the recently launched Artek Park at BKC, the upcoming ultra-luxury project at Pali Hill, Bandra West and our latest acquisition — together represents a combined GDV of over ₹2,350 crore," Man Infra's Manan Shah said.
With this addition, the MICL Group's total real estate portfolio is now at an estimated GDV of over ₹18,575 crore, while the launch pipeline for FY27 has expanded to nearly ₹6,600 crore, the company said.
The company said Bandra continues to remain to remain one of Mumbai's most aspirational and supply-constrained residential destinations, supported by sustained end-user demand and strong pricing resilience.
Shares of Man Infra are looking to recover from the lows of the day after the announcement, currently trading 1.2% higher on Monday at ₹119. The stock is up 24% so far in the last one month, thereby trimming its year-to-date losses down to 7%.
Also Read: VIP Industries shares fall 8% as revenue falls, losses widen in March quarter
The company informed the exchanges that it acquired the "ultra-luxury sea-view residential development" off Bandstand in Bandra West. The MICL Group will hold 70% stake in the newly-acquired project, it said.
The project is spread across a plot area of 30,000 square feet and has applied for its IOD and is currently progressing through the approval process ahead of it its launch, Man Infra said.
It added that the project will be positioned as "The One & Only" within its MS Collection Residences vertical.
"With this acquisition, our Bandra portfolio — comprising the recently launched Artek Park at BKC, the upcoming ultra-luxury project at Pali Hill, Bandra West and our latest acquisition — together represents a combined GDV of over ₹2,350 crore," Man Infra's Manan Shah said.
With this addition, the MICL Group's total real estate portfolio is now at an estimated GDV of over ₹18,575 crore, while the launch pipeline for FY27 has expanded to nearly ₹6,600 crore, the company said.
The company said Bandra continues to remain to remain one of Mumbai's most aspirational and supply-constrained residential destinations, supported by sustained end-user demand and strong pricing resilience.
Shares of Man Infra are looking to recover from the lows of the day after the announcement, currently trading 1.2% higher on Monday at ₹119. The stock is up 24% so far in the last one month, thereby trimming its year-to-date losses down to 7%.
Also Read: VIP Industries shares fall 8% as revenue falls, losses widen in March quarter
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