Maninfra Group plans to launch 2 mn sq ft of residential projects annually

June 17, 2023

Maninfra Group, a real estate developer that launched its residential vertical in 2013, has a project pipeline spanning 10 million square feet. The company will launch approximately 1.5 to 2 million square feet of new projects each year for the next five years, the MD, Manan Shah, told businessline.

The group has delivered 14 residential projects in Mumbai to date, and it has ten projects spread over 10 million square feet, of which seven are completed and the remaining three will be completed this year. Regarding the kind of projects the company is working on, the MD said, “While we don’t have any particular category to focus on, we intend to focus on the luxury category primarily to establish a brand name to deliver lifestyle.”

To date, the group has completed 14 residential projects in Mumbai. Currently, they have 10 ongoing projects covering a total area of 10 million square feet. “Out of these, seven projects have been completed, while the remaining three are scheduled for completion later this year.” When discussing the company’s project portfolio, the MD emphasised their intention to prioritise the luxury category in order to establish a reputable brand known for delivering a luxurious lifestyle.

Apart from its residential segment, the company also engages in mixed-use projects. “We are looking at 25–30 percent commercial development in our Dahisar project (mixed-use development). The execution of the commercial part will be taken up in the last phase,” Shah said.

While another project for a 24-acre land parcel is under due diligence, the project will take another 7-8 years to complete. Furthermore, it is also exploring a commercial project to build a mall; however, it is still under evaluation.

In FY23, the company achieved consolidated revenue of Rs. 1890.35 crore and a net profit of Rs. 258.57 crore. “With this strong financial performance, the company is positioned favourably to sustain its growth momentum moving forward,” noted the MD.

In addition, the developer has managed to be debt-free, which Shah credits to the consistent investment inflow through the EPC (engineering, procurement, and construction) arm. The infrastructure company established its residential arm in 2013 and has invested Rs. 700 crore in the real estate business as of March 23.

International projects

In order to expand into the global market, the company has established a fully owned subsidiary in the United States named MICL Global, which was founded in 2021.

The company plans to develop four projects in Miami, including one bungalow project and three complex projects. “Over the past two years, we have already invested $29 million towards these projects.”

As part of its bungalow project, it will build two bungalows, which will cost around $2.5 million. The complex project will have a total of 150 apartments and be in the range of $1.5 million. These will be launched this year and completed in the coming four years.

“Within our bungalow project, we have plans to construct two bungalows, which will cost approximately $2.5 million. “In addition, our complex project will feature a total of 150 apartments, which will cost around $1.5 million,” he noted. All projects are scheduled to launch this year and are projected to be completed within the next four years.

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