Man Infraconstruction Ltd’s shares were up by 4.19 per cent after the company announced the redevelopment of a residential property in Pali Hill, Bandra West. the company informed that the project aims to redefine urban living with a limited number of residential apartments, emphasising luxury as a way of life.
The company holds a 34 per cent stake in one of its associate entities and will spearhead the redevelopment of the property owned by Virgo Co-operative Housing Society Limited in Pali Hill, Bandra West, Mumbai. The project, with an estimated carpet area of 50,000 sq. ft., is anticipated to generate a total revenue of about ₹500 crore.
Manan Shah, the Managing Director of MICL Group, said, “We take immense pride in seeing how MICL Group has been able to make a significant mark in Mumbai’s real estate space in a short span of time. Taking on this redevelopment opportunity, we are strategically expanding our real estate portfolio within the luxury segment, responding to the great demand and absorption in this segment. This development aligns with our strategic priority of expanding our presence in real estate. I congratulate the entire team for achieving this remarkable feat.”
The shares were up by 3.51 per cent to ₹215.05 at 12:39 pm on the BSE.