Meghna Infracon Infrastructure Limited (MIIL) shares jumped nearly 10% today, trading at ₹746.65, following the announcement of its premium residential project, ‘Riviera’, in Goregaon (West), Mumbai. This strategic move underscores MIIL’s ambitions to strengthen its position in Mumbai’s high-end real estate market.
Key Highlights of the ‘Riviera’ Project:
- Prime Location: The project is ideally located in Goregaon (West), offering connectivity to schools, colleges, hospitals, railway stations, and entertainment hubs.
- Built-Up Area: Spanning approximately 30,000 sq. ft. of construction.
- Estimated Sale Potential: Over ₹220 million, demonstrating its upscale offerings.
- Execution Partner: Managed by Meghna Aakar Constructions, a subsidiary of MIIL with a 95% stake.
- Residential Offerings: Featuring innovative community living with 1 and 2 BHK units.
Leadership Perspective:
Mr. Vikram Jayantilal Lodha, Managing Director of MIIL Group, highlighted: “‘Riviera’ marks a significant milestone in our journey toward becoming a leading luxurious real estate developer. This project brings innovative community living to one of Mumbai’s most sought-after locations.”
About Meghna Infracon Infrastructure Limited:
Headquartered in Mumbai, MIIL is a recognized name in premium residential real estate development, known for superior construction quality and timely delivery of projects.
Market Impact:
Investor sentiment soared after the announcement, with MIIL’s share price climbing by 9.49%, reflecting confidence in the company’s strategic growth initiatives. The launch is anticipated to drive revenue growth and bolster the company’s market standing in Mumbai’s competitive real estate sector.
