Shraddha Prime Projects has received the commencement certificate for its redevelopment project "Shraddha Phoenix" located at Vidyalaya Marg, Mahakali Nagar, Village Mulund (East), Mumbai. The company disclosed this development under Regulation 30 of SEBI listing regulations, marking a significant milestone that enables construction activities to commence.

Project Details and Specifications

The Shraddha Phoenix project involves the redevelopment of Siddhivinayak Welfare SRA CHS (Prop) and Uttar Bhartiya Residents SRA CHS. The project represents a substantial development opportunity in Mumbai's eastern suburbs with considerable revenue potential.

Management Commentary

Commenting on the development, Mr. Sudhir Mehta, Managing Director of Shraddha Prime Projects, expressed satisfaction with receiving the commencement certificate. He emphasized that this milestone aligns with the company's continued focus on redevelopment opportunities in Mumbai and strengthens their presence in key micro-markets such as Mulund.

Strategic Market Position

The project is strategically positioned in Mulund (East), described as a rapidly developing suburban hub with strong connectivity and growing residential demand. This location choice reflects the company's strategy of expanding its redevelopment portfolio and capitalizing on high-potential urban locations in Mumbai's real estate market.

Business Impact and Revenue Outlook

With the commencement certificate secured, Shraddha Prime Projects can proceed with construction activities for the project. The company expects to generate approximately ₹150 crores in revenue over the next three years from this development, representing a significant contribution to its project pipeline and financial performance.

Shraddha Prime Projects Ltd. has announced key changes to its board of directors following a meeting held on April 9, 2026. The company has appointed a new director while accepting the resignation of an existing board member, in compliance with SEBI listing regulations.

Board Meeting Outcomes

The board meeting, which commenced at 12:30 p.m. and concluded at 12:55 p.m., addressed two significant matters related to board composition. The decisions were made in accordance with Regulation 30 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

New Director Profile

Mr. Vinay Madhukar Nayak brings significant international business expertise to the board. He holds a Master's Degree in International Business from the University of Wales - Cardiff, UK. His extensive experience in retail sales and operations is expected to benefit the company's business operations.

Resignation Details

Mr. Ramchandra Krishnakant Ralkar submitted his resignation as Non-Executive Director, citing professional commitments and personal reasons. In his resignation letter dated April 8, 2026, he confirmed that there were no other material reasons for his departure beyond those mentioned. The resignation became effective from the closure of working hours on April 8, 2026.

Regulatory Compliance

The company has provided detailed disclosures as required under Regulation 30 of SEBI regulations, including comprehensive information about both the appointment and resignation. The announcements were made to the Bombay Stock Exchange, where the company trades under the symbol SHRADDHA with script code 531771. The company has also submitted the necessary documentation in accordance with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Company Background

Shraddha Prime Projects Ltd., formerly known as Towa Sokki Limited, operates under the tagline "Constructing Value." The company maintains its corporate office at Kanara Business Centre Premises in Ghatkopar East, Mumbai, and continues to focus on its core business operations while strengthening its board composition.