MICL Group has announced the launch of Artek Park, a premium residential development in Kalanagar, Bandra East, within the BKC corridor. Developed in collaboration with the Wadhwa Group, the project spans 1.6 lakh sq. ft. and is expected to generate ₹850 crore in revenue, reinforcing MICL’s aggressive expansion into Mumbai’s luxury housing segment.
Artek Park comprises three high-rise towers (G+26) offering 3- and 4-BHK residences, designed to cater to senior professionals, CXOs, and HNIs seeking proximity to Mumbai’s central business district. With only two apartments per floor per wing across 100 units, the project adopts a low-density, resort-style model, differentiating itself in the competitive luxury market.
Manan Shah, Managing Director, MICL Group, said: “The collaboration with the Wadhwa Group represents a convergence of complementary strengths. MICL brings design-led innovation and redevelopment expertise, while Wadhwa contributes decades of legacy and execution excellence. Together, Artek Park positions us at the luxury apex of Mumbai’s real estate market.”
The project’s location opposite Jio World Drive places it within Mumbai’s emerging lifestyle hub, offering residents access to cultural institutions, luxury retail, and world-class dining. Connectivity is a key advantage, with Metro Line 3 operational, Metro Line 2B under construction, and the Coastal Road reducing commute times dramatically.
Artek Park also aligns with MICL’s asset-light growth strategy, with a 34% equity stake enabling rapid portfolio expansion while minimizing capital exposure. MICL’s consolidated sales visibility now stands at ₹11,000+ crore across ongoing and upcoming projects, with FY26 targets of ₹3,000+ crore in new launches.
Luxury housing continues to play a pivotal role in Mumbai’s real estate market, with premium homes above ₹10 crore accounting for 41% of sales in 2024. MICL’s sharp pivot toward ultra-luxury developments in prime micro-markets such as Marine Lines, Pali Hill, Tardeo, and Vile Parle positions the company as a premium alternative to legacy South Mumbai builders.
With Artek Park, MICL is set to capture the demand from Mumbai’s elite demographic, offering aspirational yet wisely priced residences that combine design excellence, connectivity, and exclusivity.
