In a major strategic move, Man Industries (India) Ltd. has announced the monetization of a prime land parcel owned by its wholly-owned subsidiary, Merino Shelters Pvt Ltd (MSPL), located in Nerul, Navi Mumbai. The total deal, valued at approximately ₹720–₹770 crore, involves Paradise Green-Spaces LLP (part of Paradise Group) acquiring development rights over a 6-acre plot situated opposite the iconic D.Y. Patil Stadium.
As per the agreement signed on March 31, 2025, MSPL will receive an upfront payment of ₹70 crore and 30% of the developed property, amounting to approximately 4.5 lakh sq ft of RERA carpet area (commercial and residential combined) over a 5–6 year monetization timeline.
Implied Valuation: ₹16,000/sq ft
The valuation of the 4.5 lakh sq ft stake is estimated between ₹650–₹700 crore, which translates to an average implied rate of ₹14,444 to ₹15,555 per sq ft, with the overall deal value implying an average rate of around ₹16,000 per sq ft — a benchmark figure for land transactions in the rapidly developing Nerul micro-market.
Strategic Consolidation for Man Industries
Mr. Nikhil Mansukhani, Managing Director of MAN Industries (India) Ltd., commented:
“This deal is a pivotal part of our strategy to unlock value from non-core assets. The capital generated will support our expansion into high-value segments within the line pipe business and enable us to explore new geographies. We are consolidating our focus on our core business while ensuring sustainable long-term growth and enhanced shareholder value.”
Mr. Manish Bathija, Managing Director of Paradise Group, added:
“We are excited to partner with Merino Shelters for this landmark development. The project’s location—just opposite D.Y. Patil Stadium and close to the upcoming Navi Mumbai International Airport—offers unparalleled potential. This venture aligns with our vision of redefining urban living in emerging city hubs.”
Location Advantage
Spanning 6 acres, the land parcel is strategically positioned in one of Navi Mumbai’s most coveted zones, with excellent connectivity to arterial roads, the Mumbai Trans Harbour Link (MTHL), and the soon-to-be operational Navi Mumbai International Airport—expected to begin operations by June 2025.