Man Infra bags luxury residential project in South Mumbai, sees ₹2,100 crore total sales value

Man Infraconstruction on Friday, March 22, informed the bourses that it has secured a new luxury residential project in South Mumbai, which is expected to generate a total sales value of over ₹2,100 crore.

The sea-facing project encompasses a total construction area of approximately 22 lakh square feet, and the total carpet area for sale is seen at around 5.3 lakh square feet, a media release stated. The height of the residential towers will exceed 800 feet.

The company expects to log a profit before tax of over ₹400 crore from this project, it added.

This will be Man Infra's second uber luxury residential project in Mumbai, after the launch of ‘Aaradhya Avaan’ at Tardeo in November 2023. Aaradhya Avaan is among the tallest towers in the country, surpassing 1,000 feet in height.

The site of the new project is located in the Marine Lines area of South Mumbai, which is home to some of the city's most elite and high-profile personalities.

"This project is poised to redefine Mumbai's skyline, offering an unparalleled view of the ocean to a select few," said Manan P, the company's managing director.

Following the project’s announcement, Man Infra’s shares went up. The stock was trading at ₹207.65 apiece on the NSE at 11:58 am, higher by 1.99% as against the previous day’s close.

In the quarter ended December 2023, Man Infra had reported a net profit of ₹86.5 crore, down by 4.5% as compared to the year-ago period. The company’s total income dropped to ₹261.34 crore from ₹471.77 crore in the corresponding quarter of the previous fiscal year.