In a city where space is a premium commodity, Man Infraconstruction (MICL), a lesser-known entity, is embarking on a monumental endeavour – the construction of the tallest building in India.
Standing at an impressive 312 meters with 81 floors, this ambitious project aims to redefine Mumbai’s skyline and propel the company into the limelight.
Tall structures are often considered risky ventures, with historical instances of economic downturns coinciding with the completion of the world’s tallest buildings.
From the Great Depression in the US during the Race to the Sky in 1930 to the Asian financial crisis impacting Malaysia’s Petronas in 1997, such endeavours have been marked by challenges.
India, despite its rapid urbanisation, lacks structures on the list of the world’s highest skyscrapers.
The most notable attempt was The World Towers by Lodha, standing at 1/3rd the height of the Burj Khalifa.
However, even this project faced skepticism, with its developer acknowledging the financial challenges posed by constructing exceptionally tall buildings.
Manan Shah, the 31-year-old leader of MICL, remains undaunted by the risks associated with tall buildings.
He envisions his family’s 50-year-old company gaining fame not just for its longevity but for the quality and scale of its projects.
Despite warnings about the pitfalls of super-tall structures, Shah is confident in his meticulous approach, emphasising that projects commence only after securing all necessary approvals and permissions.
Crucially, Shah’s background as a contractor-turned-developer sets MICL apart.
He highlights the advantage of having zero dependency on external contractors for project execution, a common bottleneck faced by many real estate players.
The location chosen for this towering project is Tardeo in South Mumbai, a wealthy but modestly surrounded area.
Shah remains unfazed by potential challenges in selling million-dollar homes, citing strong sales velocity indicators and minimal dependence on debt.
However, skeptics question the optimism surrounding sales, given MICL’s relatively unknown brand in the South Mumbai market.
The pricing, set at Rs 60,000 per square foot, also poses challenges for potential investors.
Moreover, the possession date slated for December 2030 may require a compelling sales strategy or an innovative payment plan to attract early buyers.
