MICL Group's associate company to redevelop 10-acre project

30 Aug 2023 CW Team

In a BSE filing, Royal Netra Constructions (RNCPL), a subsidiary of Man Infraconstruction (MICL Group), announced plans to reconstruct a project in the western suburbs of Mumbai with the potential to earn Rs. 4,000 crores in revenue over the following five years.

"The aforementioned project is spread over a 10-acre land parcel and will witness one of the largest redevelopments in the Mumbai market," the company's managing director Manan P. Shah stated.

The project has the potential to have a total construction area of more than 50 lakh square feet and a carpet area for sale of 1.7 million square feet. Within five to six years, it's supposed to be finished.

This transaction will improve our financial situation going forward, according to Shah, and it is in line with our asset-light strategy.

With this most recent addition, the real estate portfolio of MICL Group will grow from 4.6 million square feet to 6.3 million square feet of carpet area.

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