Man Infraconstruction Ltd (MICL Group) received Intimation of Disapproval (IOD) for redeveloping Virgo CHS in Pali Hill, Bandra West, Mumbai. Site vacated for demolition; construction soon via 34%-stake associate Atmosphere Homes LLP. ₹500 Cr+ sales potential; launch next quarter in premium micro-market.
Core Developments
MICL Group marked a key milestone with IOD approval from municipal authorities for the ultra-luxurious residential project at Virgo CHS, Pali Hill—known as Mumbai's 'billionaire’s row'. The site is fully vacated, set for demolition, paving way for construction and a launch in the coming quarter.
Strategic Insights
MD Manan Shah emphasized Pali Hill's enduring luxury appeal, positioning the development as a benchmark address in a high-barrier market with strong demand. Executed through Atmosphere Homes LLP (MICL's ~34% stake), it eyes ₹500 crore+ sales, boosting MICL's Bandra presence and stakeholder value.
Market Momentum
Amid FY25's ₹1,231 Cr revenue and ₹283 Cr profit, this aligns with MICL's selective luxury strategy; shares traded steady around ₹111. Search "MICL Pali Hill IOD 2026," "Man Infraconstruction redevelopment Mumbai."
Sources: InvestyWise, EquityBulls, BSE filings