MICL Group Launches Pali Hill Project With 1,000 Crore Approval

MICL Group has launched its ₹500-crore-plus Marina Vista project in Mumbai’s Pali Hill, reporting 30% pre-sales at launch. It has also secured IOA for Berkeley House, a Bandra project valued above ₹1,000 crore, taking its Bandra portfolio beyond ₹2,350 crore.

MICL Group has expanded its presence in Mumbai’s premium residential market with the launch of Marina Vista, an ultra-luxury housing project in Pali Hill, Bandra West. The developer also announced that it has secured the Intimation of Approval (IOA) for Berkeley House, another luxury residential development near Bandstand with an estimated Gross Development Value (GDV) of more than ₹1,000 crore. 

Marina Vista, being developed through an associate entity, has an estimated GDV of more than ₹500 crore. Construction is already underway, and the project has been registered with the relevant regulatory authorities. MICL Group said approximately 30% of the units were pre-sold at the launch, indicating initial demand for the development.

Also Read: Hyderabad Residential Real Estate Market Outlook & Trends

The project is located in Pali Hill, one of Mumbai’s established luxury residential destinations. The micro-market has continued to attract developers and high-net-worth buyers because of its location, limited land availability and established residential infrastructure.

Meanwhile, Berkeley House is planned as a boutique sea-view residential development off Bandstand in Bandra West. The project is expected to be launched in FY2027, with MICL Group holding an approximately 70% stake in the venture. The company had earlier acquired the project with an estimated GDV exceeding ₹1,000 crore.

With Marina Vista and Berkeley House added to its existing developments, including its project at Bandra Kurla Complex (BKC), MICL Group’s cumulative residential portfolio in the Bandra micro-market has crossed ₹2,350 crore in GDV. The expansion reflects the company’s focus on premium locations where demand for luxury housing remains relatively strong.

The developments are part of MICL Group’s wider strategy to increase its exposure to Mumbai’s high-value residential segment. Bandra remains a supply-constrained market, with limited opportunities for large-scale new developments and continued demand for premium homes.

The company said it remains net debt-free, providing financial flexibility as it expands its residential portfolio. However, project execution, regulatory clearances, construction costs and market conditions will remain important factors influencing the pace of development and sales.

Also Read: Rising Demand for Mid-Premium and Affordable Luxury Housing

The launch of Marina Vista and progress on Berkeley House underline the continued activity in Mumbai’s luxury housing market, while MICL Group’s growing Bandra portfolio positions the company for further participation in the premium residential segment.