Modi's Navnirman Limited has secured a significant redevelopment mandate worth ₹250.00 crore for a housing society project in Mumbai. The company announced its appointment as the developer for BOI Staff Sheetal Co-operative Housing Society Ltd., located at Ramnagar, S.V. Road, Borivali West, Mumbai. The small-cap construction company currently commands a market capitalization of ₹673.55 crore.

Project Details and Scope

The redevelopment project encompasses key specifications that highlight its substantial scale and potential impact:

The project will focus on creating modern, high-quality residential development that significantly enhances safety standards, sustainability features, and lifestyle amenities for residents. The society has successfully completed the 79A procedure in full compliance with all applicable statutory requirements, marking a critical milestone in the redevelopment journey.

Management Commentary

Mr. Mahek Modi, Whole Time Director and Chief Financial Officer of Modi's Navnirman Limited, emphasized the significance of receiving unanimous consent from all society members. He stated that the mandate reflects strong confidence in the company's execution capabilities, transparency, and redevelopment track record.

According to Modi, redevelopment extends beyond construction, requiring empathy, clear communication, and a long-term vision for value creation. The project reinforces the company's commitment to responsible redevelopment and delivering contemporary living spaces that elevate urban lifestyles in Mumbai.

Strategic Portfolio Expansion

This appointment strengthens Modi's Navnirman Limited's expanding redevelopment portfolio across Mumbai, particularly in well-established suburban micro-markets such as Borivali West. The project aligns with the company's strategic focus on transforming aging housing societies into future-ready residential developments.

The company maintains emphasis on:

• Transparency in operations
• Timely project execution
• Sustainable value creation for all stakeholders
• Responsible innovation in redevelopment

Company Background

Modi's Navnirman Limited positions itself among Mumbai's fastest-growing real estate developers in the redevelopment segment. Founded by Mr. Dinesh C. Modi in 2010, the company has established leadership within a short span by delivering large projects and making them luxurious, holistic, viable and successful. The team continues to set new benchmarks on the journey to become one of the largest real estate developers in India.

Mumbai-based real estate developer Modi's Navnirman Limited has reported a stellar performance for the first half of the fiscal year, matching its entire previous year's profit in just six months. The company, known for its focus on redevelopment projects in Mumbai's western suburbs, is now setting its sights on broader horizons.

Financial Highlights

Modi's Navnirman has showcased impressive growth across key financial metrics:

The company's profit after tax (PAT) for H1 has already equaled its entire previous fiscal year's profit, underscoring a period of accelerated growth.

Operational Milestones

• Successfully merged its subsidiary, Shri Modi's Navnirman Private Limited, with the listed entity
• Handed over a 90-unit premium residential tower, Rashmi Vasudeo, in Borivali
• Progressing towards migration from BSE SME platform to the main board of BSE and NSE
• Maintained debt-free status, reflecting disciplined financial planning

Expansion Plans

Mahek Modi, CFO of Modi's Navnirman, revealed during the earnings call that the company is exploring opportunities beyond its traditional stronghold in Mumbai's western suburbs. "We are in discussions for projects in Santa Cruz, Khar, and Ghatkopar," Modi stated, indicating a strategic move to diversify the company's geographical presence within the Mumbai Metropolitan Region (MMR).

Project Pipeline

The company currently has five ongoing projects, with one slated for completion in the second half of the fiscal year. Additionally, three upcoming projects are in the pipeline:

• Two projects expected to commence in the last quarter of the fiscal year
• One project planned for the second quarter of the following fiscal year

Market Strategy

Modi's Navnirman is strategically positioning its projects across different market segments:

• Dahisar: Affordable housing with prices around ₹23,000-24,000 per sq ft
• Kandivali: Mid-luxury segment with launch prices of ₹27,000-28,000 per sq ft
• Malad: Luxury segment with prices starting at ₹30,000 per sq ft

Industry Outlook

The company remains optimistic about the real estate sector's growth potential, citing projections of urbanization in India rising from 37% to 53% by 2050. Modi emphasized the company's asset-light model and focus on redevelopment as key strengths in capturing market opportunities.

Future Focus

Looking ahead, Modi's Navnirman plans to:

• Strengthen its redevelopment portfolio through strategic partnerships
• Maintain financial prudence and a healthy balance sheet
• Explore opportunities in commercial developments and township projects
• Enhance stakeholder value through ESG initiatives and technology-driven processes

As Modi's Navnirman Limited continues its growth trajectory, the company's debt-free status and strategic expansion plans position it well to capitalize on the evolving real estate landscape in Mumbai and beyond.