Shares of Man Infraconstruction Limited (MICL) were trading in the green and 3% higher on 22 March after the company announced that it had won an opulent residential project in South Mumbai.

A renowned, ultra-luxurious residential property with a sea view close to Marine Lines has been acquired by Man Infra, a noteworthy addition to the company’s South Mumbai real estate portfolio, according to a stock exchange filing.

With a height of more than 800 feet, those above the new residential project by MICL Group are expected to rank among the tallest residential buildings built in India.

With a total construction area of around 22 lakh square feet and a RERA carpet area of about 5.3 lakh square feet for sale, the project is estimated to produce a total sales value of more than Rs 2,100 crore.

Including the DM fees, project management consultancy (PMC) fees on construction, and interest income from Man Infra’s initial investment in the project, the business anticipates earning a potential profit before tax (PBT) of about Rs 400 crore from this new project in Marine Lines.

Considering that the MICL group has a history of completing all 16 of its projects ahead of schedule, the project will be constructed over five years starting on the date of commencement.

Following corporate notification to the public markets, the project was carried out in compliance with the asset-light development management (DM) paradigm. Additionally, Man Infra has received a Letter of Intent (LOI) from Shreepati Zaoba Housing LLP.

The Managing Director of the Mumbai-based company, Manan P Shah, stated, “This project is poised to redefine Mumbai’s skyline, offering an unparalleled view of the ocean to a select few. Notably, this marks MICL Group’s second venture into uber-luxurious residential projects in South Mumbai, following the launch of our first project, ‘Aaradhya Avaan’ at Tardeo, which shall be one of the tallest towers in the country, surpassing 1,000 feet in height.”

At 3:30 pm, the shares of Man Infra closed 2.68% higher at Rs 209.05 on NSE.