+
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
Infrastructure Urban

GRM Overseas Reports Q1 FY26 Results; Strengthens Global & Domestic Presence

GRM Overseas has announced its unaudited financial results for the quarter ended 30 June 2025. The company reported a positive performance in terms of margins and profitability, despite topline pressures from global geopolitical challenges.Atul Garg, Managing Director, said:"We have maintained healthy margins and profitability while navigating short-term headwinds. Our focus remains on expanding our product portfolio, enhancing brand visibility, and deepening our distribution network. Internationally, we continue to hold a strong position in the Basmati rice export market, particularly in the ..

Next Story
Infrastructure Urban

Zuari Industries Posts Q1 FY26 Revenue Growth; PAT Turns Positive

Zuari Industries has announced its audited financial results for the quarter ended 30 June 2025.On a standalone basis, the company reported Revenue from Operations of Rs 2.10 billion and Operating EBITDA of Rs 220.4 million. Standalone Profit Before Tax (PBT), before exceptional items, stood at Rs 90 million.On a consolidated basis, Revenue rose 10.5 per cent year-on-year to Rs 2.67 billion, while Profit After Tax (PAT) stood at Rs 50 million compared to a loss of Rs 330.6 million in Q1 FY25.Segment HighlightsSugar, Power & Ethanol: Operations were impacted by an early mill closure due to ..

Next Story
Infrastructure Urban

Karnataka Bank Reports Q1 FY26 Net Profit of Rs 2.92 Bn

Karnataka Bank has announced a net profit of Rs 2.92 billion for the first quarter of FY26, compared to Rs 4 billion in Q1 FY25. The results were approved at the Board of Directors meeting held on 13 August 2025 at the Bank’s headquarters in Mangaluru.Asset Quality & Capital AdequacyGross NPA: 3.46 per cent, improved from 3.54 per cent in Q1 FY25.Net NPA: 1.44 per cent, down from 1.66 per cent in Q1 FY25.Capital Adequacy Ratio (CAR): 20.46 per cent, up from 17.64 per cent in Q1 FY25.Announcing the results, Raghavendra S Bhat, Managing Director & CEO, said:"The Bank has registered a m..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?