Manan P. Shah, managing director, said, “We proudly announce the receipt of an IOD approval and necessary approvals from concerned authorities for its 12,000+ square meter gated community luxurious residential project of 10 societies located at Ratilal B. Mehta Road (60 Feet Road), Ghatkopar (East), Mumbai.

The project is in the stage of receiving other approvals in due course of time. MICL Group is excited and gearing up to launch the project likely in the fourth quarter of the financial year 2023-24. The company is expected to generate revenue of Rs 1,200 crore in next 4 years from this project.”

An intimation of disapproval is a letter issued by the Municipal Corporation of Greater Mumbai (MCGM) also known as the Brihanmumbai Mahanagarpalika issued to a builder / developer of a property who proposes to undertake some construction work on an existing or new building.

The wording of the letter is in the negative and all the conditions are also in the negative, which is why it is a 'disapproval of permission' until the time that the conditions are fulfilled.

Man Infraconstruction is a real estate developer, operating under its own brand name in the residential segment. The company through its subsidiaries/associates enters into joint development agreement with landowner(s)/tenant(s) for developing real estate projects in MMR. Till date MIL has completed 13 projects having real estate regulatory authority (RERA) carpet area of around 15 lakh square feet (lsf) under its group.

The company had reported a net profit of Rs 82 crore in Q1 FY24, which is higher by 112% as compared with Rs 39 crore in Q1 FY23. Revenue increased by 45% YoY to Rs 510 crore in the first quarter of FY24.