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MICL, a publicly listed entity, envisions a substantial windfall, surpassing Rs 8,000 crore, derived from the prolific sale of three eminent residential real estate projects strategically located in the heart of Mumbai. The trio encompasses the ambitious Tardeo Project in South Mumbai, poised to ascend as one of India's tallest edifices, forecasting a revenue potential that exceeds Rs 3,000 crore. Complementary projects in Goregaon and Ghatkopar are poised to contribute significantly, with anticipated revenues of Rs 4,000 crore and Rs 1,200 crore, respectively. Aaradhya Avaan, the flagship venture nestled in Tardeo, epitomizes ultra-luxury development, with revenue expectations surpassing Rs 3,000 crores. This opulent project is characterized by meticulous planning, offering a total saleable carpet area of approximately 6.5 lakh square feet and a constructed area exceeding 18 lakh square feet. The Tardeo project includes two residential towers with 325 units, spanning 6.5 lakh square feet, featuring 3, 4, and 5 BHK apartments ranging from 1,300 square feet to 3,330 square feet. The architectural marvel is anticipated to soar to over 80 floors, surpassing the 1,000-foot mark, signaling a remarkable addition to Mumbai's skyline. It is noteworthy that MICL, despite its instrumental role in the Tardeo Project, will not solely reap the entirety of the revenue generated. A collaborative effort with other stakeholders means that MICL will accrue income through three distinct channels: interest on invested capital, a 10 percent share of the actual construction cost, and a 12 percent fee on the total sale. This nuanced revenue-sharing model underscores the collaborative nature of this high-profile undertaking. MICL unveiled a colossal project in Ghatkopar, exemplifying its foray into cluster redevelopment, in June 2023. Anticipating a revenue potential exceeding Rs 1,200 crore over the next four years, this monumental development comprises 11 towers, boasting a total carpet area of approximately 4 lakh square feet and a constructed area of about 13.5 lakh square feet. Acquiring a strategic redevelopment venture in Goregaon West on a 10-acre land parcel, MICL aims to generate over Rs 4,000 crore in revenue over the next five years. This strategic expansion elevates MICL's real estate portfolio to an impressive 5.9 million square feet of RERA carpet area. MICL's quarter sales highlight its prowess, with 30,493 square feet of RERA carpet area transacting for Rs 92 crore. Cumulative sales for H1 2023 show robust performance, accounting for 92,000 square feet of carpet area valued at Rs 235 crore, with collections reaching Rs 465 crore. In response to inquiries regarding the real estate sector's trajectory in comparison to previous cycles, MICL expresses an unwavering bullish stance. Despite escalated interest costs, the company remains sanguine, citing an upward trajectory in people's incomes and evolving preferences, resulting in an average increase of 10 to 15 percent in flat sizes—a testament to the evolving dynamics of the real estate landscape. This comprehensive overview encapsulates MICL's strategic initiatives, showcasing a convergence of visionary projects, collaborative efforts, and financial acumen, all poised to leave an indelible mark on Mumbai's dynamic real estate canvas.
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