Mumbai-based listed real estate firm Man Infraconstruction Limited (MICL Group) on October 1 said that it has received the commencement certificate (CC) for a luxury housing project in Vile Parle area of Mumbai that has a total estimated sale potential of over ₹1200 crore, the company said in a regulatory filing.

The company said that it will launch the project shortly after securing the necessary RERA approvals.

“Located on Swami Vivekanand (S.V.) road (Vile Parle), the project offers excellent connectivity to nearby schools, colleges, hospitals, railway station, airport, beach and entertainment hubs. This is the first cluster development of Vile Parle West and yet another successful cluster development by MICL Group,” the company said in the statement.

The company said that the Vile Parle project spread over three acres will comprise 10 residential towers with 15 floors each. The total carpet area for sale is approximately 3.5 lakh sq ft and features premium 2 BHK, 3 BHK and 4 BHK apartments.

“We are thrilled to have secured the Commencement Certificate for our highly anticipated Vile Parle project. With meticulously planned space on a three acre land, we are set to redefine luxury living. We look forward to launching this iconic project setting new benchmarks in Mumbai’s real estate landscape,” said Manan Shah, Managing Director of MICL Group.

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“The project has a total estimated sale potential of over ₹1,200 crores and is executed through a joint venture (JV) entity of MICL Group under asset-light Development Management (DM) model,” the company statement said.

What is cluster development?

Cluster development policy is where more than one plot or buildings are merged by forming a cluster and redeveloped as one project. Under this policy, the Maharashtra government offers various exemptions including additional floor space index (FSI) to developers, considering it involves redevelopment of the old buildings in the city of Mumbai.

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Property registrations in Mumbai in September

The Mumbai real estate market reported a 14% year-on-year drop in property registrations in September 2024 with the number falling to 9,167 from 10,694 a year earlier on account of the shraadh period, according to data sourced from the Inspector General of Registration and Controller of Stamps of Maharashtra.

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As many as 10,694 units were registered in the year-ago period. In August this year, the registration of properties stood at 11,631 units. On a month-on-month (MoM) basis, the property registrations declined by 21%. In August 2024, a total of 11,631 property registrations were reported in the Mumbai real estate market.