MICL Increases Ownership Interest To 30% In Atmosphere Realty Pvt Ltd
The MICL Group has increased its ownership interest to 30°/o in "Atmosphere Realty Private Limited," the entity responsible for overseeing two upscale projects. These projects feature three substantial 47-storey residential towers, an 18-storey commercial tower, and another tall tower currently under construction. Commenting on this development, Manan P. Shah, Managing Director said, "We are pleased to announce that MICL Group has increased its equity ownership in our associate company, Atmosphere Realty Private Limited (ARPL), by acquiring an additional 12.5% stake. This acquisition was completed for a cash consideration of Rs. 12.5 crores. As a result, Man Infraconstruction Limited (MICL) has increased its equity holding in ARPL from the previous 17.5% to a significant 30%." "ARPL is an associate company of MICL and is actively involved in overseeing two projects: 'Atmosphere 02,' a development spanning 7.1 lakh sq. ft. of RERA carpet area, and 'Atmosphere Tower G (Solis),' encompassing 3.2 lakh sq. ft. of RERA carpet area. Both of these projects are situated in the Mulund West area at Nahur in Mumbai." The 'Atmosphere 02' project, consisting of three tall 47-storey residential towers and an 18- storey commercial tower encompassing 7.1 lakh sq. ft. of RERA carpet area for sale, has garnered a phenomenal response. As of September 2023, it is nearly 90% sold out and has also received an occupancy certificate for two out of the three residential towers in a record time of less than 4 years. We are in the process of delivering an additional 3.5 lakh sq. ft. of RERA carpet area, comprising the residential Tower 'F' and the commercial tower 'The Gateway,' in the near future. The 'Atmosphere Tower G' project, featuring 3.2 lakh sq. ft. of RERA carpet area for sale, which was launched in the last financial year, is experiencing strong momentum, with approximately 30% of the inventory sold as of September 2023. The project is expected to be completed over a span of around 3 to 4 years.
Tags : MICL Group Atmosphere Realty Private Limited 47-storey residential towers commercial tower construction Manan P. Shah