Manglam Group, a prominent real estate developer, has made its debut in Mumbai's redevelopment market with the launch of Manglam Rajanigandha, a ₹100 crore project in Borivali (West). This strategic move marks the group's expansion into one of India's most competitive real estate markets.

Project Overview

Key Highlights

• Joint Venture: The project is being developed under Manglam & Karnani Ventures LLP, showcasing a collaborative approach in the competitive Mumbai market.

• Unit Allocation: 50% of the apartments will be allocated to existing tenants, with the remaining units available for new buyers, balancing the interests of current residents and new homeowners.

• Amenities: The development will feature various lifestyle amenities, including:

  • Landscaped green zones
  • Fitness center
  • Yoga deck
  • Jogging track
  • Sun deck

• Exclusive Benefit: All homeowners will receive lifetime membership at the Mandapeshwar Civic Federation Gymkhana, adding value to the property offering.

Market Impact

This project represents Manglam Group's strategic entry into Mumbai's lucrative redevelopment sector. With a track record of 87 completed projects and 32 ongoing developments across India, the group brings significant experience to this new venture.

The Borivali project aligns with the growing trend of redevelopment in Mumbai, where older properties are being transformed to meet modern living standards and maximize land use in space-constrained areas.

Industry Perspective

The ₹100.00 crore investment in Manglam Rajanigandha underscores the potential that developers see in Mumbai's redevelopment market. With expected revenues of ₹150.00 crore, the project highlights the financial viability of such ventures, despite the challenges of working in established urban areas.

As more developers enter the redevelopment space, it could lead to increased competition and potentially more options for homebuyers in Mumbai's western suburbs. The success of this project could pave the way for Manglam Group to undertake more redevelopment projects in the city, further diversifying their portfolio and strengthening their presence in the Mumbai real estate market.

The launch of Manglam Rajanigandha demonstrates the ongoing dynamism in Mumbai's real estate sector, with established players from other regions seeing opportunities for growth and expansion in India's financial capital.

Mangalam Drugs & Organics Limited , a prominent player in the pharmaceutical industry, has recently been the subject of a significant share pledge transaction. Shree Kishoriju Trading and Investment Private Limited, a key stakeholder in the company, has pledged a substantial portion of its holdings as security for debt.

Share Pledge Details

Shree Kishoriju Trading and Investment Private Limited has created a pledge on 877,000 shares of Mangalam Drugs & Organics Limited. This pledge was established on October 30, 2021, in favor of Badjate Stock Broking Private Limited. The pledged shares represent 5.54% of Mangalam Drugs' total share capital.

Impact on Shareholding

Following this transaction, Shree Kishoriju Trading's total encumbered holdings in Mangalam Drugs have increased to 1,098,515 shares. This figure now accounts for 6.94% of the company's share capital, indicating a significant portion of their investment is now tied to debt obligations.

Regulatory Compliance

In adherence to regulatory requirements, Director Radhika Ajay Dhoot made the necessary disclosure to the stock exchanges where Mangalam Drugs is listed. This transparency ensures that all stakeholders are informed about significant changes in share pledging that could potentially impact the company's ownership structure.

Company Update

While not directly related to the share pledge, it's worth noting that Mangalam Drugs & Organics Limited has recently made changes to its corporate governance structure. According to the latest LODR (Listing Obligations and Disclosure Requirements) data:

• The company's Board of Directors approved the appointment of Ragini Chokshi & Co. as Secretarial Auditors.
• Ragini Chokshi & Co., a firm of Practicing Company Secretaries with over 35 years of experience, has been appointed for a term of five consecutive years.
• This appointment is subject to shareholder approval at the upcoming Annual General Meeting.

These corporate governance measures, while separate from the share pledge event, demonstrate Mangalam Drugs' commitment to maintaining robust internal controls and compliance with regulatory standards.

The share pledge by Shree Kishoriju Trading and Investment Private Limited represents a significant financial maneuver, potentially impacting the ownership dynamics of Mangalam Drugs & Organics Limited. Investors and market watchers will likely keep a close eye on any further developments related to this transaction and its implications for the company's financial structure.