Man Infraconstruction Partners with Paradise Group to Develop 6-Acre Land in Navi Mumbai.

Merino Shelters, a wholly owned subsidiary of MAN Industries, has partnered with Paradise Group to develop its 6-acre land parcel in Navi Mumbai over six years, aiming to monetize a value of ₹770 crore.

The company has executed a deed of assignment and granted development rights for the prime land opposite DY Patil Stadium, Nerul, to Paradise Green-Spaces LLP. The site boasts excellent connectivity and is strategically located near the upcoming Navi Mumbai International Airport, set to become operational in June 2025.

As part of the deal, Merino Shelters has received an upfront payment of ₹70 crore and will secure 30% of the developed area, equivalent to approximately 4.50 lakh sq ft of RERA carpet area, with an estimated monetization value of ₹650-₹700 crore over 5-6 years. The total projected value of the project is between ₹720-₹770 crore.

Nikhil Mansukhani, Managing Director of MAN Industries, stated that the company aims to monetize non-core assets while strengthening its core line pipe business and expanding into high-value segments and new markets.

Manish Bathija, Managing Director of Paradise Group, highlighted the project's potential, emphasizing its prime location and close proximity to the upcoming airport as key factors driving development opportunities.

HBL