Modis Navnirman Limited has secured a significant redevelopment mandate for one of Mumbai's landmark residential towers, marking another milestone in the company's growing portfolio. The appointment involves the complete redevelopment of New Chitra Co-operative Housing Society Ltd., a 14-storey structure in Kandivali West that was considered pioneering when constructed over three decades ago.

Project Overview and Financial Details

The redevelopment project encompasses substantial scope and financial commitment, as outlined in the company's regulatory filing.

Development Features and Modernization

The project involves complete demolition of the existing structure to create a modern, premium development that meets contemporary urban living standards. The new tower will incorporate multiple advanced features designed to enhance resident experience and property value.

Key development highlights include:

• Thoughtfully planned residences with modern layouts
• Curated commercial spaces integrated within the development
• State-of-the-art amenities for residents and commercial users
• Enhanced safety systems and fire-safety improvements
• Smart building technologies for efficient operations
• Energy-efficient systems aligned with sustainability goals
• Rainwater harvesting and other green features
• Dedicated parking facilities for all units

Benefits for Existing Society Members

The redevelopment will significantly transform the living experience for current society members, who will receive substantially upgraded accommodations. Existing members will benefit from larger, well-designed homes featuring improved specifications and modern infrastructure. The project emphasizes enhanced quality of living through upgraded common areas and contemporary building systems.

Strategic Location Advantages

Kandivali West represents one of Mumbai's rapidly evolving residential and commercial corridors, offering strong connectivity and social infrastructure. The strategic location enhances the project's appeal for both end users and investors, benefiting from the area's ongoing development and accessibility.

Management Commentary

Mr. Mahak Modi, Whole-Time Director and Chief Financial Officer, emphasized the project's significance in Mumbai's urban evolution. He stated that redeveloping one of the city's earliest high-rise structures represents both responsibility and opportunity, highlighting the company's commitment to delivering projects that combine design excellence, transparency, and long-term value creation.

Mr. Dinesh C. Modi, Founder, reinforced the importance of redevelopment in Mumbai's growth trajectory, noting the focus on unlocking value in aging assets while creating high-quality spaces that enhance lifestyles and strengthen communities. He emphasized that this mandate reinforces the trust societies place in the company to execute responsibly and deliver on time.

Company Background

Founded in 2010, Modis Navnirman Limited specializes in redevelopment-focused real estate development across Mumbai. The company transforms aging residential and mixed-use properties into modern, high-quality developments through thoughtful planning, engineering excellence, and disciplined execution. This latest mandate further strengthens the company's redevelopment portfolio, where it continues partnering with housing societies to transform aging properties into premium, future-ready assets.

Modi's Navnirman Limited has announced strong financial results for the quarter and nine months ended December 31, 2025, demonstrating robust growth momentum across key performance metrics. The Mumbai-based real estate developer reported significant improvements in revenue, profitability, and operational efficiency during the period.

Quarterly Financial Performance

The company's Q3 FY26 results showcased strong operational execution with substantial year-on-year growth across all major financial parameters.

The quarterly performance was driven by strong project execution and improved cost control measures, resulting in enhanced profitability margins across EBITDA and PAT levels.

Nine-Month Performance Exceeds Full Year FY25

The nine-month FY26 performance was particularly noteworthy, with the company achieving earnings that surpassed its full FY25 results.

The nine-month revenue of ₹137.82 crore represents a significant milestone, exceeding the full FY25 revenue of ₹104 crore. Similarly, the PAT of ₹24.8 crore surpassed the full year FY25 PAT of ₹23.1 crore.

Operational Achievements and Strategic Progress

Beyond financial metrics, the company achieved several operational milestones during the period. Area sold grew 38.69% year-on-year to 36,080 sq. ft. in the nine-month period, reflecting strong market demand for the company's projects.

Key operational highlights included:

• Completion of handover for "Rashmi Vasudeo" project in Borivali West, delivering 90 homes on schedule
• Securing a redevelopment mandate at Borivali West with estimated gross development value of approximately ₹250 crore
• Successful completion of merger with Shree Modis Navnirman Pvt. Ltd.
• Migration to BSE and NSE Main Boards, enhancing visibility and governance standards

Management Outlook and Strategy

According to Mr. Dinesh C. Modi, Chairman & Managing Director, the company's performance reinforces structural momentum in both financial trajectory and project pipeline. The management emphasized their selective project acquisition approach, focusing on societies with execution clarity, margin visibility, and timely approvals.

The company maintains its debt-free status, providing financial flexibility for future growth opportunities. Management highlighted that this conservative capital structure offers resilience in the current real estate environment where funding costs remain elevated.

Company Profile

Modis Navnirman Limited operates as a redevelopment-focused real estate developer in Mumbai, established by Mr. Dinesh C. Modi in 2010. The company specializes in redevelopment projects in Mumbai's western suburban markets, targeting areas with aging housing stock and strong end-user absorption.