The deal has been executed through its entity Man Aaradhya Infraconstruction LLP, where the group holds a 50.5% equity stake.

What Has MICL Acquired?

The transaction includes:

• Development rights of Tardeo Court CHS
• Development rights of Tardeo Apartments CHS
• Outright purchase of Sethna House

All three assets are located in one of South Mumbai’s most premium micro-markets and will be redeveloped under the Cluster Redevelopment Scheme 33(9).

Project Details: ‘Tardeo 2.0’

The newly acquired project, internally referred to as “Tardeo 2.0,” includes:

• Plot size: ~46,000+ sq. ft.
• Location: Prime South Mumbai belt, often referred to as a “billionaires’ address”
• Segment: Ultra-luxury residential
• Sales potential: ₹2,000+ crore
• Timeline: Expected over the next 4–5 years

Company Strategy: South Mumbai Focus

Commenting on the acquisition, Manan Shah, Managing Director of MICL, said:

“The Group’s South Mumbai journey is defined by scale, speed, and consistent market absorption. We are happy to have achieved a hat-trick in South Mumbai with our latest acquisition at Tardeo.”

He further added:

“This project will elevate our ultra-luxury portfolio. Along with Aaradhya Avaan, Tardeo 2.0, and our Marine Lines development, we are looking at a combined sales potential exceeding ₹8,000 crore.”

Bigger Picture: ₹8,000 Cr South Mumbai Pipeline

With this latest deal, MICL now has three marquee projects in South Mumbai:

• Aaradhya Avaan (Tardeo)
• Tardeo 2.0 (New Acquisition)
• Marine Lines Development

Together, these projects represent a combined revenue potential of over ₹8,000 crore, highlighting the developer’s aggressive expansion in Mumbai’s premium housing segment.

Why This Matters

• Reinforces developer consolidation in South Mumbai redevelopment market
• Shows rising confidence in ultra-luxury housing demand
• Highlights the importance of cluster redevelopment (DCR 33(9)) in unlocking land value
• Signals continued investor interest in high-ticket Mumbai real estate

Also Read: <strong>A Dynamic Year for Mumbai’s Real Estate: Surging Demand, Shifting Trends, and a Tech-Infused Future</strong>

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