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The MICL Group has upped its equity stake to 30 percent in "Atmosphere Realty Private Limited," the overseeing entity for two upscale projects. These projects feature three towering 47-storey residential complexes, an 18-storey commercial tower, and an additional tower currently under construction. Manan P. Shah, the managing director, announced that the MICL Group has boosted its equity ownership in their affiliate, ARPL, by acquiring an additional 12.5 percent. This transaction, conducted for a cash consideration of Rs. 12.5 crore, resulted in MICL elevating its equity holding in ARPL from the previous 17.5 percent to a substantial 30 percent.
ARPL is an associate company of MICL and actively manages two significant projects: 'Atmosphere 02,' encompassing a sprawling 7.1 lakh sq. ft. of RERA carpet area, and 'Atmosphere Tower G (Solis),' covering 3.2 lakh sq. ft. of RERA carpet area. Both of these ventures are strategically located in the vibrant Mulund West area of Nahur, Mumbai. The 'Atmosphere 02' project, boasting three towering 47-storey residential towers and an 18-storey commercial tower, comprising 7.1 lakh sq. ft. of RERA carpet area for sale, has received an exceptional response. As of September 2023, it is nearly 90 percent sold out and has also been granted an occupancy certificate for two of the three residential towers in a record time of less than 4 years.
Currently, they are in the process of delivering an additional 3.5 lakh sq. ft. of RERA carpet area, which includes the residential tower 'F' and the commercial tower 'The Gateway,' in the near future. The 'Atmosphere Tower G' project, which boasts 3.2 lakh sq. ft. of RERA carpet area for sale and was launched in the previous fiscal year, is experiencing robust momentum, with approximately 30 percent of the inventory sold as of September 2023. The project is anticipated to be completed over a span of around 3 to 4 years.
This strategic move by the MICL Group underscores its commitment to expanding and enhancing its presence in the real estate sector, particularly in projects that have garnered immense interest from buyers and investors alike.
In a competitive real estate landscape, this significant increase in equity ownership aligns with MICL's long-term vision and commitment to delivering high-quality projects that meet the evolving demands of the market. The two projects managed by ARPL represent not only substantial investments for the group but also an opportunity to cater to the growing demand for upscale, well-designed residential and commercial spaces.
Established in 2007, Atmosphere Realty Private Limited (ARPL) primarily operates within the dynamic realm of real estate in the state of Maharashtra. For the fiscal year 2022-2023, the company showcased its robust financial performance, boasting an impressive turnover of Rs. 43,071.39 lakh.
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