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Man Infra increases equity stake in Atmosphere Realty Private ltd to 30%

Oct 17, 2023

By: BlinkX Research Team

Man Infraconstruction Limited (MICL) has boosted its ownership interest in Atmosphere Realty Private Limited (ARPL), a company overseeing two upscale projects, to 30%. This strategic acquisition represents an additional 12.5% stake in ARPL, purchased for a cash consideration of Rs. 12.5 crores.

ARPL is an associate company of MICL and is actively involved in overseeing two significant real estate projects. The projects include 'Atmosphere 02,' a development with a RERA carpet area of 7.1 lakh sq. ft., and 'Atmosphere Tower G (Solis),' encompassing 3.2 lakh sq. ft. of RERA carpet area, both located in the Mulund West area at Nahur in Mumbai.

'Atmosphere 02,' featuring three substantial 47-storey residential towers and an 18-storey commercial tower with 7.1 lakh sq. ft. of RERA carpet area for sale, has received a phenomenal response. As of September 2023, it is nearly 90% sold out, with occupancy certificates granted for two out of the three residential towers in under four years. The project is set to deliver an additional 3.5 lakh sq. ft. of RERA carpet area, including the residential Tower 'F' and the commercial tower 'The Gateway.'

The 'Atmosphere Tower G' project, comprising 3.2 lakh sq. ft. of RERA carpet area for sale, was launched in the previous financial year and has already sold approximately 30% of the inventory as of September 2023. The project is expected to be completed over a span of around 3 to 4 years.

ARPL was incorporated in 2007 and primarily operates in Maharashtra. Its main business revolves around real estate activities and they reported a turnover of Rs. 43,071.39 Lakhs for FY 2022-2023.