MICL Secures Tardeo 2.0 Approval For ₹2,000 Crore South Mumbai Project; Shares in Focus

Mumbai, June 24: Man Infraconstruction Ltd (MICL) said its real estate arm has secured the Intimation of Approval (IOA) for the proposed Tardeo 2.0 redevelopment project in South Mumbai, marking a significant step forward for one of its marquee residential developments.

According to the company’s exchange filing, the approval enables the project to move into the next phase, including vacating existing premises, initiating demolition activities and obtaining additional statutory clearances required ahead of launch.

Located in one of Mumbai’s most established premium residential micro-markets, Tardeo 2.0 is expected to be developed on approximately 46,000 square feet of land. MICL said the project carries an estimated gross development value (GDV) of more than ₹2,000 crore and is currently targeted for launch during FY27.

The company added that the project will be undertaken through Man Aaradhya Infraconstruction LLP, in which MICL Group holds a 50.5% equity stake.

South Mumbai Portfolio Continues to Expand

For MICL, the approval represents more than just another redevelopment project. It further deepens the group’s presence in the high-value South Mumbai residential market, where redevelopment opportunities remain limited and highly competitive.

Management noted that Tardeo 2.0 will complement its existing premium developments, including Aaradhya Avaan and Marine Lines projects. Collectively, these South Mumbai developments are estimated to represent a cumulative GDV potential exceeding ₹8,000 crore, providing visibility for future project launches and revenue generation.

Commenting on the development, Managing Director Manan Shah said the approval marks an important milestone in advancing the project toward launch and execution.

Stock Market Snapshot

The announcement comes at a time when investors are closely monitoring project approvals and launch pipelines across listed real estate developers.

As of 09:15 IST on June 24, 2026, Man Infraconstruction shares were trading at ₹104.10. The Man Infraconstruction share price remained in focus after the company disclosed the regulatory progress achieved for the Tardeo redevelopment project.

In the real estate sector, approvals and project launches are often viewed as important indicators of future cash flows, particularly in premium markets where project economics can be significantly stronger than broader residential developments.

About The Company

Man Infraconstruction operates through two primary business verticals: engineering, procurement and construction (EPC) and real estate development. The company has established a presence across residential, commercial, industrial and infrastructure projects, with a growing focus on premium residential developments in Mumbai.

Through its MICL brand, the company has developed several residential projects and continues to expand its redevelopment portfolio in key urban markets.

Conclusion

The IOA for Tardeo 2.0 moves one of MICL’s major redevelopment projects closer to launch and execution. With an estimated GDV exceeding ₹2,000 crore and a strategic location in South Mumbai, the project has the potential to become a meaningful contributor to the group’s future development pipeline. Investors will now watch for further approvals, project launches and execution milestones over the coming quarters.

Source:

• https://www.nseindia.com/get-quote/equity/MANINFRA/Man-Infraconstruction-Limited
• https://nsearchives.nseindia.com/corporate/vishaladhav_24062026123917_MICL.pdf