Shares of Man Infraconstruction Limited surged as much as 7% on Wednesday, April 29, following the announcement of a significant South Mumbai redevelopment acquisition. According to reports from CNBC TV18, the stock hit an intraday high of ₹124.48 and was trading 5.44% up at ₹122.67 as of 11:03 am. The stock has demonstrated strong momentum with a 56.39% gain in the last month and a 21% return over the past year.
The project has been secured by Man Aaradhya Infraconstruction LLP, in which Man Infraconstruction holds a 50.5% equity stake, as reported by CNBC TV18. The acquisition includes development rights of Tardeo Court CHS and Tardeo Apartments CHS, along with the outright purchase of Sethna House, located in Tardeo, under the cluster redevelopment scheme. The proposed development spans a plot area of over 46,000 square feet and is expected to be executed over the next four to five years.
According to the company's exchange filing reported by CNBC TV18, Managing Director Manan Shah described the acquisition as achieving a 'hat-trick' in South Mumbai. The project, referred to as 'Tardeo 2.0', is located in a prime micro-market and will further strengthen the company's ultra-luxury residential portfolio. The company's three key South Mumbai projects - Aaradhya Avaan at Tardeo, the Tardeo 2.0 development, and its Marine Lines project - together have an estimated sales potential exceeding ₹8,000 crore.
As reported by CNBC TV18, the South Mumbai redevelopment project carries an estimated sales potential of over ₹2,000 crore. This acquisition significantly enhances the company's presence in the premium real estate market, particularly in the ultra-luxury residential segment. The project's location in Tardeo, a prime micro-market, positions it well for strong market absorption and consistent sales performance over the planned execution period.
