MICL Receives Intimation of Approval for Tardeo 2.0
The company announced that it has received the Intimation of Approval (IOA) for its Tardeo 2.0 redevelopment project.
According to the regulatory filing dated June 24, 2026, the approval enables the project to move into the execution phase, including:
- Vacating the existing premises
- Preparing the site for demolition
- Obtaining remaining statutory approvals
- Advancing toward the commercial launch
The approval represents a significant step in the project’s overall development timeline.
Project Estimated at Over ₹2,000 Crore GDV
MICL has estimated the Gross Development Value (GDV) of the Tardeo 2.0 project at more than ₹2,000 crore.
The company plans to officially launch the project during FY27, subject to completion of the remaining regulatory and construction-related processes.
Prime South Mumbai Location
The Tardeo 2.0 project is located in Tardeo, one of South Mumbai’s established residential and commercial micro-markets.
Key project details include:
- Location: Tardeo, South Mumbai
- Approximate Plot Area: 46,000 square feet
- Estimated GDV: More than ₹2,000 crore
- Expected Launch: FY27
The location is considered strategically important due to its connectivity, established infrastructure, and premium residential demand.
Part of a Larger Premium Development Pipeline
The company stated that Tardeo 2.0 forms part of a broader portfolio of premium residential developments.
Along with:
- Aaradhya Avaan
- Marine Lines Project
the cumulative Gross Development Value exceeds ₹8,000 crore.
These projects are expected to contribute significantly to the company’s long-term real estate development pipeline.
Development Through LLP Structure
The project will be executed through Man Aaradhya Infraconstruction LLP.
MICL Group holds approximately 50.5% equity stake in the LLP, giving it majority ownership and operational control over the project.
Maninfra Share Price Performance
As of 2:54 PM on June 24, 2026, Man Infraconstruction Limited shares were trading at:
- Share Price: ₹105.10
- Day’s Gain: +1.05%
The stock remained in focus following the regulatory approval announcement.
Key Highlights
- Intimation of Approval (IOA) received for Tardeo 2.0.
- Estimated project GDV exceeds ₹2,000 crore.
- Located on approximately 46,000 sq. ft. of land in South Mumbai.
- Planned launch during FY27.
- Project to be developed through Man Aaradhya Infraconstruction LLP.
- MICL Group holds approximately 50.5% equity in the LLP.
- Combined GDV of Tardeo 2.0, Aaradhya Avaan, and Marine Lines projects exceeds ₹8,000 crore.
Conclusion
The receipt of the Intimation of Approval marks an important milestone for MICL Group’s Tardeo 2.0 redevelopment project. With an estimated GDV of over ₹2,000 crore and a planned FY27 launch, the project strengthens the company’s premium real estate pipeline in South Mumbai. Together with its other ongoing developments, the approval supports MICL’s long-term growth strategy in Mumbai’s high-value residential market.
Summary
Man Infraconstruction Limited (MICL Group) has received the Intimation of Approval (IOA) for its premium residential project, Tardeo 2.0, in South Mumbai. The approval marks an important regulatory milestone that allows the company to proceed with the next stages of development, including site clearance, demolition preparations, and obtaining additional permissions ahead of the project’s planned launch in FY27.
The company estimates that the project will have a Gross Development Value (GDV) exceeding ₹2,000 crore.
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