Man Infraconstruction Ltd. on Tuesday said it has received the "commencement certificate" for a residential project in Mumbai that has an estimated sale potential of over Rs 1,200 crore.
The project, to come up in Mumbai's Vile Parle suburb, will spread over three acres and comprise 10 residential towers. Each of the towers will be 15- stories high, according to a release.
The profit before tax from the project is estimated at Rs 200 crore, the company said.
The grant of a commencement certificate is a "key milestone" for the project's launch, which is expected shortly after the Real Estate Regulatory Authority issues its approval, it added.
The project offers a total carpet area for sale of "approximately 3.5 lakh sq. ft.", featuring premium 2 BHK, 3 BHK and 4 BHK residential spaces, the release said.
"With meticulously planned space on a three-acre land, we are set to redefine luxury living. We look forward to launching this iconic project, setting new benchmarks in Mumbai's real estate landscape," said Manan Shah, the company's managing director.
The project will be located on Swami Vivekanand Road in Vile Parle, which is close to the railway station, airport, beach and entertainment hubs, the release added. "This is the first cluster development of Vile Parle West," it further noted.
The disclosure related to the project was made by Man Infraconstruction after the market hours. The company's shares had closed 0.63% higher at Rs 191.26 apiece on the NSE, compared to a 0.05% decline in the benchmark Nifty 50.
The stock has declined by 11.7% on a year-to-date basis. However, it has gained by 24.6% over the past 12 months.
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