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MICL Makes Strategic Move into BKC’s Premium Redevelopment Market

11 June 20243 mins read by Angel One
Man Infraconstruction Limited announced acquiring a prime redevelopment project at Bandra Kurla Complex (BKC).
MICL Makes Strategic Move into BKC’s Premium Redevelopment Market
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Man Infraconstruction Limited (MICL), a prominent Mumbai real estate developer, announced a significant acquisition. MICL has secured a prime redevelopment project within Bandra Kurla Complex (BKC), marking a strategic move into the high-end redevelopment segment in this coveted location.

Redeveloping a Landmark Address

This prestigious project signifies the redevelopment of Artek Co-operative Housing Society Limited (Society) situated in BKC’s Kalanagar area. BKC has emerged as a thriving commercial and residential hub, attracting professionals, entrepreneurs, and investors seeking a premium work-life balance.

BKC, once known primarily for housing multinational corporations, financial institutions, and government offices, has radically transformed. Today, it offers a vibrant residential environment catering to a desire for a luxurious lifestyle. With demand for premium residences in Mumbai rising, BKC stands out as a prime location, seamlessly blending high-end living with a bustling business district. MICL’s strategic acquisition is poised to become a landmark development within this prestigious neighbourhood.

Project Highlights

  • Total Construction Area: Approximately 5.0 lakh square feet
  • RERA Carpet Area for Sale: Around 1.5 lakh square feet
  • Targeted Completion: Within 3 years from launch date
  • Proven Track Record: Building on MICL’s successful record of delivering all 16 previous projects ahead of schedule, this project is expected to follow suit.

Man Infraconstruction Limited holds a 34% stake in the project. It will be undertaken in one of its associate entities, Arhan Homes LLP, and Man Infraconstruction Limited will execute the construction of the property.

“We are excited to announce the acquisition of this prestigious redevelopment project at BKC, where we have executed the Development Agreement with the Society. This project aligns with our vision of strengthening MICL Group’s presence in the Mumbai region by creating iconic developments that offer a superior living experience. We look forward to delivering yet another benchmark project that reflects our commitment to excellence,” said Mr Manan P. Shah, Managing Director.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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