Man Infraconstruction Limited (MICL Group) has achieved a major regulatory milestone by securing the Intimation of Disapproval (IOD) for its ultra-luxurious residential redevelopment project at Pali Hill, Bandra (West), Mumbai. The site, formerly Virgo CHS Limited, is now ready for demolition, with construction scheduled soon. The project targets an estimated sale potential exceeding ₹500 crore.
Key Milestone Reached for Bandra Project
Man Infraconstruction Limited, operating as MICL Group, is pleased to announce the receipt of the Intimation of Disapproval (IOD) from local municipal authorities. This approval pertains to the redevelopment of Virgo CHS Limited, located in the prestigious Pali Hill, Bandra (West), Mumbai. This receipt marks an important regulatory milestone for the high-value residential venture.
Project Positioning and Strategy
Mr. Manan Shah, Managing Director of MICL Group, highlighted that Pali Hill remains one of Mumbai’s most established luxury micro-markets, known for its legacy and strategic location within the city’s ‘billionaire’s row’. The Group intends to position this development as a benchmark ultra-luxury address. The project aligns with the company’s strategy of selective participation in high-entry-barrier micro-markets.
Timeline and Financial Potential
Following the IOD receipt, the residential site has been fully vacated and will now undergo demolition, after which construction activities for the ultra-luxurious project will commence. MICL Group anticipates a formal launch in the coming quarter. The project carries an estimated sale potential surpassing ₹500 crore. The development will be undertaken through Atmosphere Homes LLP, an associate entity where MICL Group holds an approximate 34% stake.
Company Background
Man Infraconstruction (MANINFRA on NSE, 533169 on BSE) reported consolidated Total Income of ₹1,231 Crores and a Net Profit of ₹283 Crores for the financial year ended 31st March, 2025, positioning it as a net cash positive company.
Source: BSE
