MICL Group Receives IOD For Pali Hill Redevelopment

The managing director described Pali Hill as a legacy neighbourhood with enduring demand and premium positioning that attracts influential personalities and is widely regarded as a billionaire's row. He added that the company intends to position the redevelopment as a benchmark ultra-luxury address within that exclusive corridor. The statement indicated confidence that the inherent demand dynamics will support strong sales momentum.

The receipt of the approval marks an important regulatory milestone and the residential site has been fully vacated to permit demolition and subsequent construction. The project will undergo remaining statutory approvals and the company plans a formal launch in the coming quarter. Development will be carried out through Atmosphere Homes LLP, an associate in which MICL Group holds an approximately 34 per cent stake.

The project carries an estimated sale potential of Rs five billion (bn), positioning it as a high-value residential scheme in the Pali Hill micro-market. MICL Group holds an approximate 34 per cent stake in the associate that will execute the project and expects the development to contribute to long-term value creation for stakeholders. Man Infraconstruction reported consolidated total income of Rs 12.31 billion (bn) and net profit of Rs 2.83 billion (bn) for the year ended 31 March 2025 and remained net cash positive at consolidated level as on March 2025. The company said its integrated EPC and real estate operations, supported by decades of execution experience, underpin its capability to deliver this redevelopment.