MICL Group Secures Commencement Certificate for Uber-Luxurious Vile Parle Project with Estimated Sale Potential Over ₹1,200 Crores
MAN INFRACONSTRUCTION LTD. (MICL Group), a leading player in the luxury residential real estate sector, has successfully acquired the Commencement Certificate (CC) for its much-awaited Vile Parle project. The 3-acre land project comprises 10 residential towers, each 15 storeys high, offering a total carpet area for sale of approximately 3.5 lakh sq. ft. The project features premium 2 BHK, 3 BHK, and 4 BHK residential spaces and is expected to generate over ₹1,200 crores in sales. MICL Group, through a JV entity, will execute the project using an asset-light Development Management (DM) model, aiming to achieve a Profit Before Tax of over ₹200 crores, including DM fees, Project Management Consultancy (PMC) fee on construction, and interest income on the initial investment.
Key Highlights
- MICL Group secures Commencement Certificate for its premium Vile Parle project.
- The project comprises 10 residential towers, each 15 storeys high, on a 3-acre land area.
- It offers a total carpet area for sale of approximately 3.5 lakh sq. ft with an estimated sale potential of over ₹1,200 crores.
- MICL Group aims to achieve a Profit Before Tax of over ₹200 crores from the project.
- The project is strategically located, offering excellent connectivity to nearby amenities.