The MICL Group has acquired an ultra-luxurious project in Marine Lines, South Mumbai, adding another prestigious asset to its real estate portfolio in the region. Set to be one of the tallest residential structures in India, surpassing 800 feet, this project exemplifies MICL’s commitment to excellence. With a track record of delivering all 16 previous projects ahead of schedule, MICL aims to complete this project within five years of its launch.
Spanning approximately 22 lakh square feet in total construction area, with a RERA carpet area of around 5.3 lakh square feet for sale, the project is expected to generate sales exceeding Rs. 2,100 crore. Executed under the asset-light Development Management (DM) model, MICL has secured a Letter of Intent (LOI) from Shreepati Zaoba Housing LLP for the project.
MICL anticipates an expected Profit Before Tax of over Rs. 400 crore from this venture, comprising DM fees, Project Management Consultancy (PMC) fees on construction, and interest income on the initial investment made by the company.
Commenting on the development, Mr. Manan P. Shah, Managing Director, expressed his pleasure, stating, “We are delighted to announce the arrival of the luxurious sea-facing property near Marine Lines. This project is set to redefine Mumbai’s skyline, offering an unparalleled ocean view to a select few. This marks MICL Group’s second venture into ultra-luxurious residential projects in South Mumbai, following the launch of our first project, ‘Aaradhya Avaan’ at Tardeo, which will be one of the tallest towers in the country, surpassing 1,000 feet in height. The Marine Lines project is expected to exceed 800 feet in height and will feature a range of ultra-luxurious amenities, promising to set a new standard for lifestyle and living in South Mumbai.”