Meghna Infracon Infrastructure Limited (MIIL) announced today the acquisition of a new residential project in Goregaon, Mumbai. The project, named “Manju Villa,” is set to offer 1 and 2 BHK apartments with a total construction area of approximately 30,000 square feet.
The shares of Meghna Infracon Infrastructure Limited (MIIL) were trading at ₹567 up by ₹25.65 or 4.74 per cent on the BSE today at 11.30 am.
MIIL expects the project to generate revenue of about ₹37 crore after delivering possession to original tenants. Construction has already commenced and will be executed by Meghna Developers AOP, an associate entity in which MIIL holds a 90% stake.
The development marks MIIL’s strategic move into Mumbai’s premium luxury real estate market. Located in Jawahar Nagar, Goregaon West, the project aims to introduce an innovative community living concept.
Vikram Jayantilal Lodha, Managing Director of MIIL, stated that the acquisition aligns with the company’s vision to strengthen its presence in the Mumbai region by creating developments that offer a superior living experience.
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Published on September 5, 2024
https://www.thehindubusinessline.com/markets/stock-markets/meghna-infracon-expands-portfolio-with-new-mumbai-residential-project/article68608386.ece
