Mani Group

What Mani Group does

Mani Group is a privately-held, Kolkata-based diversified conglomerate founded in 1980 by Sanjay Jhunjhunwala, operating across five integrated verticals: Residential, Retail, Hospitality, Commercial, and Edu-Health. The company has delivered over 60+ million sq.ft. of prime development to more than 12,000 families, with 15+ million sq.ft. currently under construction. Its residential portfolio spans four decades of housing projects across multiple Indian states, while Mani Square Mall serves as Kolkata's landmark retail destination since 2008, anchoring national and international brand tenants including Shoppers Stop, Starbucks, Baskin Robbins, and Nykaa.

On the hospitality side, Mani Group operates JW Marriott Kolkata (inaugurated 2016) and Courtyard by Marriott Siliguri (launched 2019) under a long-term partnership with Marriott International dating to 2011, bringing international luxury hospitality standards to Eastern India. The edu-health vertical is anchored by IQ City, a 100-acre integrated township in Durgapur comprising a 798-bed super-specialty hospital managed by Narayana Hrudayalaya (Dr. Devi Shetty), IQ City Medical College (recognized by Medical Council of India since 2015), and IQ City Nursing College. The commercial vertical includes office complexes such as Mani Casadona.

Mani Group generates revenue through four streams: one-time real estate sales of residential and commercial properties, recurring mall leasing transaction fees from retail tenants at Mani Square and other properties, recurring hospitality revenue from Marriott-branded hotel operations, and recurring subscription-based revenue from healthcare and medical education services. Its geographic footprint explicitly covers West Bengal, Rajasthan, Maharashtra, Karnataka, and Odisha, with pan-India expansion ambitions. The company remains founder-owned and operated, with a single disclosed funding round of $2.34M from RB Investments Pte. Ltd. in May 2016, indicating primarily organic, internally-financed growth across four decades.

Name

Mani Group

Legal name

Mani Group

Website

https://mani-group.com

Company type

Private

Founded year

1980

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Mani Group is a privately-held, Kolkata-based diversified conglomerate founded in 1980, operating across five verticals—Residential, Retail, Hospitality, Commercial, and Edu-Health—delivering 60+ million sq.ft. of real estate, operating Mani Square Mall, JW Marriott and Courtyard by Marriott properties, and the IQ City integrated hospital-medical college township across multiple Indian states.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Nursing and Residential Care Facilities (623), Management of Companies and Enterprises (5511), Offices of Other Holding Companies (551112)

SIC

Operative Builders (1531), Lessors Of Real Property, Nec (6519), Services-Nursing & Personal Care Facilities (8050)

akta.pro primary industry

Integrated Full-Service Hotel Complexes (Mixed-Use) (THAGAAAL)

Keywords

• Real estate development
• Residential properties
• Retail mall operations
• Hospitality services
• Integrated townships

Headquarters

HQ city

Kolkata

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. Real Estate Development Sales: Direct sale of residential and commercial properties including apartments, villas, and office spaces across multiple Indian states
2. Retail Mall Operations: Leasing retail spaces to tenants including fashion brands, F&B operators, and entertainment providers at Mani Square Mall and other retail properties
3. Hospitality Services: Operation of JW Marriott Kolkata and Courtyard by Marriott Siliguri, generating revenue from hotel rooms, F&B, and events
4. Education and Healthcare Services: IQ City Medical College Hospital and IQ City Medical College providing healthcare and medical education with 798 beds capacity

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Mani Group is a Kolkata-based diversified conglomerate that develops residential, commercial, and mixed-use real estate properties across multiple Indian states. Beyond real estate, the group operates retail malls (Mani Square Mall), luxury hotels in partnership with Marriott International, and an integrated educational and healthcare township (IQ City) in Durgapur featuring a medical college, nursing college, and 798-bed super-specialty hospital managed by Narayana Hrudayalaya.

Product overview

Mani Group is a diversified Indian conglomerate operating primarily in real estate and hospitality sectors. The company offers a unified portfolio of five distinct verticals: Residential (luxury apartments and housing complexes), Retail (Mani Square Mall and Pink Square Mall shopping destinations), Hospitality (JW Marriott Kolkata and Courtyard by Marriott Siliguri in partnership with Marriott International), Commercial (Mani Casadona, Mani Tech, Mani Boutique office complexes), and Edu-Health (IQ City integrated township in Durgapur featuring Medical College, Nursing College, and 798-bed super-specialty hospital managed by Narayana Hrudayalaya). The group has delivered over 60+ million sq ft of development with 15+ million sq ft under construction.

Differentiator

Problem solved

Functional benefit

Brands

• Mani Square: Retail mall brand featuring shopping, dining, entertainment and multiplex cinema
• IQ City
• Mani Residential
• Mani Hospitality
• Mani EduHealth
• Mani Commercial

Products and services

• Mani Square Mall Premier shopping destination in Kolkata spanning 7.60 lac sq.ft. with national and international brands, multiplex cinema, gourmet dining, food court, banqueting facilities, commercial offices, and multi-level car parking. Leases retail space to fashion, F&B, and entertainment brands.
• Residential Projects Portfolio Diverse portfolio of residential properties including luxury apartments, mid-range housing, and affordable options across multiple Indian states. Spans projects from 1983 to present including Mani Vista, Mani Imperial, Swarnamani, Mani Tribhuvan, and others serving families seeking quality homes.
• JW Marriott Kolkata Luxury hotel in Kolkata developed in partnership with Marriott International, offering world-class hospitality services including rooms, F&B, and events for business and leisure travelers.
• Courtyard by Marriott Siliguri Hotel property in Siliguri operated under Marriott franchise, serving business and leisure travelers in the North Bengal region.
• IQ City Medical College Hospital 798-bed super-specialty hospital in Durgapur with departments including Cardiology, Cardio-Thoracic surgery, Neurology, Urology, Gastroenterology, Nephrology, dialysis unit, Paediatric Surgery and Plastic Surgery. Managed by Narayana Hrudayalaya.
• IQ City Medical College Medical college in Durgapur offering MBBS degree and MD/MS courses in six subjects. Recognized by Medical Council of India as a regional training centre for medical teaching technology.
• IQ City Nursing College Nursing college at IQ City in Durgapur providing nursing education programs as part of the integrated edu-health township.
• Mani Casadona Commercial complex property developed in 2018, part of Mani Group's commercial real estate portfolio serving businesses seeking office space.

Quantifiable outcome

• 60+ Million Sq Ft of Prime Development Delivered
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• Medical Council of IndiacoreStrategic or Co-development Partner · 1 January 2015IQ City Medical College recognized as a regional training centre for medical teaching technology by the Medical Council of India, validating the quality of medical education provided.
• Marriott InternationalcoreStrategic or Co-development Partner · 1 January 2011Marriott partnership includes JW Marriott Kolkata inaugurated in 2016 and Courtyard by Marriott Siliguri launched in 2019. Mani Group develops and operates these hospitality properties under Marriott franchise agreements, bringing international hospitality standards to Eastern India.
• Narayana Hrudayalaya (Dr. Devi Shetty)coreTechnology or IntegrationIQ City Medical College Hospital is managed by Dr. Devi Shetty's Narayana Hrudayalaya, bringing world-class healthcare management expertise and medical technology to the 798-bed facility.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Oberoi Realty: Mumbai-headquartered premium residential and commercial developer with a focus on luxury housing and integrated mixed-use projects. Comparable to Mani Group through its premium positioning, mixed-use approach, and trophy asset pipeline.
• Brigade Group: South India-based diversified real estate developer with residential, commercial, retail, and hospitality verticals. Closely comparable to Mani Group's five-vertical structure, mixed-use developments, and integrated township model (e.g., Brigade Meadows).
• Prestige Group: Diversified Indian real estate developer operating residential, commercial, retail (Prestige Forum malls), hospitality, and integrated townships. Matches Mani Group's multi-vertical structure and pan-India expansion ambitions across premium and mid-market segments.
• Sobha Limited: India-based real estate developer with strong backward integration into construction, delivering residential and commercial projects. Comparable to Mani Group's diversified residential-led portfolio with pan-Indian geographic spread.
• Godrej Properties: Indian residential and mixed-use real estate developer with pan-India presence across multiple price segments. Comparable to Mani Group's residential-led, multi-city development approach and brand-driven differentiation strategy.
• Phoenix Mills Limited: Indian mall operator and mixed-use real estate developer behind Phoenix MarketCity malls and commercial complexes. Closely comparable to Mani Group's mall-led retail real estate strategy (Mani Square Mall) and premium retail tenant positioning.

Broad incumbents

• DLF Limited: India's largest real estate developer with extensive residential, commercial, and retail operations including premium malls (DLF Promenade, DLF Emporio). Comparable as a broad incumbent operating across the same verticals as Mani Group but at significantly greater scale and geographic reach.
• Macrotech Developers (Lodha): One of India's largest residential real estate developers with a pan-India footprint and significant luxury portfolio. Comparable as a broad incumbent in residential and mixed-use development; Mani Group's premium residential positioning (Mani Imperial, 'The 42') competes for similar high-end buyer segments.
• Indian Hotels Company (Taj): Tata Group's hospitality arm operating Taj, Vivanta, and other premium hotel brands across India. Comparable to Mani Group's hospitality vertical (JW Marriott Kolkata, Courtyard by Marriott Siliguri) at a broader, brand-controlled scale.
• ITC Hotels: Diversified Indian conglomerate's hospitality arm operating luxury and full-service hotels. Comparable to Mani Group's hospitality model — full-service hotel operations within a larger diversified conglomerate (Marriott franchise in Mani's case, ITC's owned brands here).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/manicorporate
• LinkedInlinkedin.com/company/manigroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mani Group