Man Infraconstruction Limited has informed the Exchange regarding a press release dated February 24, 2026, MICL Group Announces Further Update on its Ultra-luxurious Pali Hill Project with Receipt of Intimation of Disapproval (IOD) ".
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Man Infraconstruction Limited (MICL Group) has received the Intimation of Disapproval (IOD) from local municipal authorities for the redevelopment of Virgo CHS Limited at Pali Hill, Bandra (West), Mumbai. The site has been fully vacated and will undergo demolition, followed by construction of an ultra-luxurious residential project with a formal launch expected in the coming quarter. The project has an estimated sale potential of over ₹500 crore and will be executed through Atmosphere Homes LLP, an associate entity where MICL holds around 34% stake. The company reported consolidated Total Income of ₹1,231 crore and Net Profit of ₹283 crore for FY25 and remains net cash positive at the consolidated level.
Positive development as the IOD marks a key regulatory milestone, unlocking a high-value ₹500+ crore luxury project in one of Mumbai's most premium micro-markets. While the 34% stake means earnings contribution will be proportionate, the project strengthens MICL's ultra-luxury portfolio and could boost investor sentiment.