MICL Real Estate acquires 10 Mumbai housing societies' rights
Real Estate

MICL Real Estate acquires 10 Mumbai housing societies' rights

Man Infraconstruction, an infrastructure developer, announced that its property development entity, MICL Real Estate, has acquired the development rights for ten adjacent housing societies in the Ghatkopar suburb of Mumbai.

It was stated that the company had obtained the rights to redevelop these housing societies through its subsidiary, MICL Creators LLP, in which it holds a 60% partnership interest. The project will be implemented as a cluster redevelopment under regulation 33(9) of the Development Control Promotion and Regulation (DCPR), 2034.

The entire project, spanning over three acres, is estimated to have a total development potential of 1.3 million sq ft, including a free-sale component of over 4 lakh sq ft.

According to documents accessed through Zapkey.com, MICL has successfully concluded and registered redevelopment agreements with the ten housing societies between May and June.

The proposed redevelopment project is expected to be completed within 3.5 to 4 years, with a total cost exceeding Rs 9 billion. This cost includes construction expenses, rent payments to existing apartment owners, premium costs, and others.

Property brokers mentioned that based on the current property rates in the area, the project is anticipated to generate a total revenue potential of over Rs 12 billion.

MICL has already developed and delivered 14 residential projects, covering a total area of 1.5 million sq ft. Presently, the company has seven ongoing projects spanning 2 million square feet and has five upcoming projects in the pipeline, with a development area of 2.6 million sq ft.

In Mumbai's property market, real estate projects involving redevelopment and rehabilitation play a significant role, as the city, which faces a shortage of available land, has limited vacant land parcels.

Also read:
GCDA returns to affordable housing with Twin Tower Apartment Complex
Max Estates aims for Rs 18 bn from inaugural luxury project


Man Infraconstruction, an infrastructure developer, announced that its property development entity, MICL Real Estate, has acquired the development rights for ten adjacent housing societies in the Ghatkopar suburb of Mumbai. It was stated that the company had obtained the rights to redevelop these housing societies through its subsidiary, MICL Creators LLP, in which it holds a 60% partnership interest. The project will be implemented as a cluster redevelopment under regulation 33(9) of the Development Control Promotion and Regulation (DCPR), 2034. The entire project, spanning over three acres, is estimated to have a total development potential of 1.3 million sq ft, including a free-sale component of over 4 lakh sq ft. According to documents accessed through Zapkey.com, MICL has successfully concluded and registered redevelopment agreements with the ten housing societies between May and June. The proposed redevelopment project is expected to be completed within 3.5 to 4 years, with a total cost exceeding Rs 9 billion. This cost includes construction expenses, rent payments to existing apartment owners, premium costs, and others. Property brokers mentioned that based on the current property rates in the area, the project is anticipated to generate a total revenue potential of over Rs 12 billion. MICL has already developed and delivered 14 residential projects, covering a total area of 1.5 million sq ft. Presently, the company has seven ongoing projects spanning 2 million square feet and has five upcoming projects in the pipeline, with a development area of 2.6 million sq ft. In Mumbai's property market, real estate projects involving redevelopment and rehabilitation play a significant role, as the city, which faces a shortage of available land, has limited vacant land parcels. Also read: GCDA returns to affordable housing with Twin Tower Apartment Complex Max Estates aims for Rs 18 bn from inaugural luxury project

Next Story
Resources

Skyview by Empyrean is Making Benchmarks in the Indian Ropeway Industry

FIL Industries Private Limited, the parent company of Empyrean Skyview Projects that pioneered ropeway mobility solutions in India with Jammu’s Skyview Gondola, is currently developing the Dehradun-Mussoorie ropeway and is on track to complete Phase I by September 2026. The ropeway is set to be India’s longest passenger aerial monocable covering 5.8 km between the foothills of Dehradun in Purkulgam and MDDA taxi stand in the hills of Mussoorie in just under 20 minutes. The firm pioneered green mobility solutions in India with the development of the flagship Skyview Gondola in Jam..

Next Story
Technology

Creativity is for Humans, Productivity is for Robots!

On most construction sites, the rhythm of progress is measured by the clang of steel, the hum of machinery and the sweat of thousands. But increasingly, new sounds are entering the mix: the quiet efficiency of algorithms, the hum of drones overhead, and the precision of robotic arms at work. Behind the concrete and cables, an invisible force is taking hold: data. It is turning blueprints into living simulations, managing fleets of machines, and helping engineers make decisions before a single brick is laid. This is not the construction of tomorrow; it is the architecture of today – built on ..

Next Story
Infrastructure Urban

Bhartiya Urban Unveils ‘Bhartiya Converge’ GCC Enablement Platform

Bhartiya Urban has launched Bhartiya Converge, its latest business venture designed to become India’s premier platform for enabling Global Capability Centres (GCCs). The initiative offers an integrated ecosystem aimed at helping global clients gain a competitive edge in today’s rapidly evolving business environment. Focused on enhancing turnaround time and operational efficiencies, the company seeks to deliver better business outcomes powered by top-tier talent. Bhartiya Converge presents a customised and integrated suite of microservices that addresses the nuanced and evolving operational..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?