Mumbai-based MICL Creators LLP, a subsidiary of Man Infraconstruction Limited, has announced its latest residential project in Ghatkopar East, Mumbai. With the acquisition of development rights from ten adjoining societies on Ratilal B Mehta Road, Man Infraconstruction will be working on a total area of approximately 13 lakh square feet. The entire project will be delivered over the next 3.5 to 4 years.

Share Market Live

NSE

Under the provisions of Regulation 33(9) of the new development regulations, the project will encompass a saleable carpet area of approximately 4 lakh square feet, the company said in a filing to the stock exchanges.

The redevelopment project aligns with MICL's asset-light strategy, reinforcing the company's financial position while leveraging its expertise in construction and development. The project holds considerable revenue potential over the next four years, making it a lucrative opportunity for MICL.

Shares of Man Infra ended at a 52-week high with gains of 1 percent at Rs 100.15. The stock has been among the outperformers so far in 2023, rising as much as 33 percent in the first five months of the year. The surge year-to-date has also ensured that the stock reversed its losses over a 12-month period, for which it is now up by 10 percent.