Corporate News
Grants development rights to Paradise Group
Man Industries (India) announced that Merino Shelters, Wholly-owned Subsidiary of the Company has entered into a Deed of Assignment along with granting of development rights on 31 March, 2025 for its piece and parcel of land of approx. 6 Acres Opp. D.Y. Patil Stadium, Navi Mumbai, Maharashtra with Paradise Green - Spaces LLP, part of Paradise Group.
Paradise Group is a trusted name in real estate known for creating legacies through exceptional residential and commercial projects. With an unwavering commitment to delivering world-class developments, they have already completed 8 Million sq. ft. construction and 30 Million sq. ft. is being developed with their strong presence across Navi Mumbai and MMR.
In view of the above, the upfront amount of Rs. 70 crore and out of total area of the developed property the Company will get 30% area i.e. equivalent to approx. 4,50,000 sq. ft. Rera carpet area (Commercial and Residential) which has a monetising value of approx. Rs. 650 - Rs. 700 crores over a period of 5 - 6 years. The total monetising value would be approx. Rs. 720 - Rs. 770 crore.
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