In Mumbai’s relentless race of ambition, where every tower vies for supremacy, one man refuses to blend in – Manan Shah, who heads Man Infraconstruction Ltd (MICL) Group. This is not a typical real estate story. It is a narrative of legacy, insurgent leadership, and high-concept design, the kind that emerges when engineering knowledge meets audacious imagination.
As the MD of MICL Group, Shah has become one of India’s most thoughtful real estate developers, creating buildings that do not just house people but inspire them. “We call it sculptural architecture. Most people build boxes. We build conversations,” he says. His company has become synonymous with design-led development, delivering projects that command premium prices not through marketing blitzes but through word-of-mouth reverence.
“Real estate in India has been too transactional for too long. We have forgotten that we are not just selling square footage. We are selling dreams, aspirations, and ultimately, a way of life,” adds Shah. This philosophy has translated into remarkable commercial success. MICL’s pre-sales have risen from Rs700 crore in FY2022-23 to Rs2,500 crore in FY2024-25, with projections of Rs3,500-4,000 crore for the current fiscal year. More impressive still, the company has achieved this growth without external debt or private equity dilution, remaining a closely held family enterprise in an era of corporate consolidation.
But numbers tell only part of MICL’s story. To understand Shah’s journey, one must rewind to a different Mumbai – one where real estate was an old boys’ club, where aesthetics were afterthoughts, and where a young man from Ghatkopar dared to dream of butterfly-shaped towers.
The MICL story begins not with real estate but with nation-building. Shah’s grandfather was a civil contractor in post-Independence India, working on roads, ports, and bridges when the country was still finding its industrial footing. His father carried that legacy forward, venturing into maritime infrastructure and securing one of India’s earliest private port development contracts at Jawaharlal Nehru Port Trust in Navi Mumbai.
“We were among the first to bag a private port project in India,” Shah recalls. “It was a time when private sector participation in such sectors was unheard of. My father was not just building infrastructure; he was building belief in what private enterprise could achieve.”
The family’s engineering prowess manifested across nine ports – Kochheri, Pipavav, Mundra – each a testament to their technical capabilities. Yet for young Manan, growing up in the bustling lanes of Ghatkopar, something fundamental was missing from the family narrative. “We had engineered landmark projects, but our name never stayed on them,” he explains.
As a teenager, family holidays abroad exposed Shah to architecture that was philosophical rather than purely utilitarian. He speaks of museums in Tokyo where form followed feeling, buildings in Barcelona that seemed to dance with light, structures that evoked emotion rather than mere utility.
“I began to see buildings not as structures, but as stories. There was this moment in Barcelona, standing in front of Gaudí’s Casa Batlló, when I realised that architecture could be poetry. That’s when I knew I wanted to be more than an engineer,” he says.
The rebellion
By 2013, Mumbai’s real estate landscape was dominated by established dynasties, landowners with decades of land banking, and developers who competed primarily on price and location. Shah, armed with a strong balance sheet from the family’s infrastructure success, made a decision that surprised many in his circle.
The transition was not without challenges. Moving from B2B infrastructure contracts to B2C residential development required a complete reimagining of business processes, customer relationships, and design philosophies. Where infrastructure projects were judged on functionality and durability, residential development demanded an understanding of aspirations, lifestyle, and emotional needs.
Shah’s first major decision was to focus on his roots – Ghatkopar. It was not a strategic choice in the traditional sense; it was deeply personal. “I knew every lane, every family, every story in that area. If I was going to build homes, I wanted to build them for people I understood.”
This emotional insight became a defining pillar of MICL’s development philosophy. Rather than treating real estate as a commodity to be mass-produced, Shah approached each project as a unique response to its community’s needs and aspirations.
The early projects in Ghatkopar served as laboratories for this philosophy. Shah experimented with design elements that were unconventional for the area – landscaped rooftops, temperature-controlled lobbies, swimming-pool theatres, and amenities that prioritised wellness over mere recreation. The response was immediate and overwhelming.
“People were not just buying apartments. They were buying into a vision of how their lives could be different. That’s when I realised, we were not just in the real estate business but in the transformation business,” he adds.
What sets MICL apart in Mumbai’s crowded real estate market is not just its aesthetic sensibility, but its methodical approach to design-led development. Shah calls it the “Live Better” philosophy – a comprehensive framework that treats well-being as the baseline rather than an amenity.
This philosophy manifests in ways both subtle and dramatic. MICL projects use non-VOC paints and low-emission materials as a matter of standard, not as premium features. Corridors are designed to maximise natural light and air circulation. Lobbies feature temperature regulation systems that create microclimates of comfort.
Take the Escape Room – an immersive rejuvenation chamber featuring aurora-sky ceilings, zero-gravity chairs, aromatherapy stations, and oxygen-infusion systems. The concept emerged from a trip to Tokyo, where Shah experienced a similar wellness space.
“I saw something similar in a luxury hotel and thought – why can’t Indian families decompress without leaving home?” he explains. “We are so focused on building bigger apartments that we forget to build better experiences.”
Then there’s the Swim Theatre – outdoor pools with sunken loungers and projection screens, inspired by a cruise Shah took in Alaska. “We were watching a film from a hot-water pool under the stars. I said – this is luxury. Not gold-plated faucets, but moments that money cannot buy elsewhere.”
The breakthrough
While MICL’s design philosophy attracted attention, it was Shah’s mastery of cluster redevelopment that established the company as a formidable force in Mumbai’s real estate ecosystem. Operating under Mumbai’s 33(9) DCR policy, MICL has cracked the complex code of integrating multiple small societies and SRA tenements into large gated projects with open space, planned amenities, and seamless infrastructure.
Cluster redevelopment is notoriously difficult in Mumbai. Fragmented land titles, reluctant tenants, civic delays, and political complexities create a labyrinth that defeats most developers. Shah not only embraced these challenges but turned them into MICL’s competitive advantage.
The approach requires extraordinary patience and diplomatic skill. In Ghatkopar, MICL stitched together ten separate buildings to create a three-acre gated community. The process took 3 years of negotiations, regulatory approvals, and community building. The result was a project that sold Rs1,000 crore worth of inventory in six months.
“That’s the proof of what thoughtful redevelopment can achieve,” Shah reflects. “When you respect the existing community while elevating their aspirations, magic happens.” The success in Ghatkopar opened doors to multiple projects across Mumbai. Today, MICL has more than six large projects in prime locations – Pali Hill, BKC, Ghatkopar, Vile Parle, Marine Lines, Tardeo, and Mulund. Each project presents unique challenges and opportunities, requiring bespoke solutions that balance commercial viability with community needs.
“If Mumbai has to grow, it has to grow inward,” Shah argues. “The only way to do that is through smart, sensitive redevelopment. We cannot keep expanding outward indefinitely.”
The paradox
In an industry that thrives on celebrity endorsements and massive advertising campaigns, MICL has taken a contrarian approach that borders on the revolutionary. The company spends less than one per cent of its revenue on marketing – a figure that would be considered suicidal by most real estate professionals.
“Our buildings are our brand ambassadors,” Shah states matter-of-factly. “If you over-market, people suspect. When customers themselves speak, it builds trust.” This is not false modesty or cost-cutting, but a strategic choice rooted in Shah’s understanding of luxury consumer behaviour. MICL projects are often 30-40 per cent sold even before launch, driven by word-of-mouth, design reputation, and repeat buyers.
The approach works because it redirects resources that would typically go to marketing towards enhancing customer experience and construction quality. “Why pay a celebrity Rs10 crore when you can use that to build better lounges, better air purification systems?” Shah asks rhetorically.
The strategy has created a virtuous cycle. Better amenities lead to higher customer satisfaction, which generates positive word-of-mouth, which reduces marketing costs, which allows for more investment in quality – a loop that reinforces MICL’s premium positioning.
The firm has delivered 21 projects with zero ready-to-move inventory: a record that includes delivering projects 19 months ahead of RERA deadlines. The secret lies in pre-construction groundwork that begins months before permissions are cleared. While competitors wait for regulatory approvals before mobilising resources, MICL starts infrastructure development, material procurement, and team assembly during the approval process.
“It’s counterintuitive,” Shah admits. “But when you build before you sell, you show confidence. That inspires customers and creates momentum.” This approach was demonstrated in the Dahisar project, where MICL completed infrastructure roads even before formal project announcements.
Among MICL’s portfolio, few projects embody Shah’s vision as completely as the Marine Lines Butterfly Tower. The name is not marketing hyperbole – the structure literally spreads out like wings, with three-sided ocean-view apartments that maximise Mumbai’s coastal beauty. “The butterfly concept came from a simple observation,” Shah explains. “People do not just want to live near the ocean: they want to embrace it. The traditional linear apartment design cuts off half the residents from the view. We thought – what if we could give everyone wings?”
The project required 27 design iterations before the final blueprint was approved. Each iteration involved not just architectural adjustments but engineering innovations to ensure structural integrity while maintaining the flowing, organic form.
The Butterfly Tower represents more than architectural innovation. It embodies Shah’s belief that Indian real estate can compete globally on design rather than just cost. The project has attracted international attention and inquiries from developers in other countries seeking to understand MICL’s design process.
From Tardeo to Miami
MICL’s upcoming Tardeo development represents the company’s most audacious undertaking yet – a curvilinear tower designed to mimic the MICL logo, with the first habitable floor starting from the 21st level to ensure uninterrupted Arabian Sea views.
“We wanted to create something that wasn’t just a building but a landmark. Something that would change how people think about Mumbai’s skyline,” Shah explains. Every aspect, from the lobby’s art installations to the rooftop gardens, has been conceived as part of a holistic experience rather than as individual features.
But perhaps the most ambitious expansion is geographic. MICL has entered the Miami real estate market, developing branded Ritz-Carlton Residences – a move that represents both validation of the company’s capabilities and a new chapter in its growth story.
The Miami project faces different challenges: regulatory environments, customer expectations, and competitive landscapes that require adaptation of MICL’s proven formulas. Yet Shah approaches it with the same methodical confidence that has characterised his Mumbai projects.
“The principles remain the same,” he says. “Design for happiness, not just habitation. Speed with soul. Legacy over liquidity. These work anywhere in the world.”
The numbers
While MICL’s financial performance has been impressive – pre-sales growing from Rs700 crore to Rs2,500 crore in just 2 years – the company has achieved its expansion without external debt or private equity dilution, maintaining family control while scaling operations. The Q1 FY2025-26 performance of Rs700 crore suggests the company is on track to achieve its Rs3,500-4,000 crore target for the year.
As MICL continues to expand, both geographically and in project scale, Shah faces the challenge that confronts all successful entrepreneurs: how to maintain the personal touch and design integrity that built the brand while achieving the scale necessary for continued growth. The upcoming Pali Hill project, with ticket sizes exceeding Rs50 crore, represents a new frontier in luxury development. Even before RERA registration, the project had Rs250 crore in pre-bookings, demonstrating market confidence in MICL’s ability to deliver at the highest end of the market.
The challenge extends beyond individual projects to organisational culture. As MICL grows, maintaining the entrepreneurial spirit and design obsession that characterise the company becomes increasingly complex.
Shah’s vision for Mumbai’s future becomes clear. He sees a city that grows not through endless expansion but through thoughtful intensification: where cluster redevelopment creates communities rather than just housing, where design excellence becomes the norm rather than the exception, and where developers act as stewards of urban experience rather than merely profit maximisers.
“We are not just changing skylines,” Shah concludes. “We are changing expectations. And once you change expectations, you change everything.