MICL Group Secures Intimation of Approval for Ultra-Luxury Sea View Development in Bandra West
Man Infraconstruction Limited (MICL Group) has secured the Intimation of Approval (IOA) for its new ultra-luxury sea view residential development project located off Bandstand, Bandra West, Mumbai. The forthcoming property, which will be named 'Berkeley House' (The One & Only), is planned as a boutique sea view residence targeting the premium luxury segment and carries an estimated Gross Development Value (GDV) exceeding ₹1,000 crore.This approval marks a significant milestone for MICL Group, according to Mr. Manan Shah, Managing Director of MICL Group. He stated that the IOA allows the company to move forward with vacating the existing premises and preparing for demolition, which are necessary steps before the project launch.
The development is set to be part of the MS Collection Residences vertical. The company remains confident in launching the Berkeley House project in Fiscal Year 27 (FY27).
Expanding Bandra Portfolio
The new addition reinforces MICL Group's commitment and growing presence in the Bandra micro-market, which continues to demonstrate resilience due to limited availability of quality residential developments.MICL Group holds approximately a 70% stake in the Berkeley House project. This development joins two other existing projects within the company's collective Bandra portfolio: Artek Park located at Bandra Kurla Complex (BKC), and another residential project launched recently at Pali Hill, Bandra West. Collectively, these projects represent a Gross Development Value exceeding ₹2,350 crore.
Speaking on the market dynamics in Bandra, Mr. Shah noted that the area consistently witnesses strong end user demand. The company plans to continue pursuing development opportunities in prime locations across the micro-market to strengthen the MICL brand presence.
Stock Price Movement
As of 12:46, Man Infraconstruction Ltd is edging higher, trading at ₹116.00 after ticking up by 2.36%. The shares have seen movement during the session, ranging between an intraday low of ₹113.32 and a high of ₹117.21.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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