Modis Navnirman Limited acquires 5 new redevelopment projects in Suburban Mumbai

Modi's Navnirman Limited, one of the leading developers in suburban Mumbai, has successfully been selected as the developer of choice to redevelop the plot and premises of the following residential cum commercial societies:

Dattani Apartment CHSL, Borivali (West).
Om Shraddha CHSL, Borivali (West).
Vasudeo Terrace CHSL, Borivali (West).
Sunder Sangam CHSL, Goregaon (West) and
Shree Siddhivinayak Towers CHSL, Kandivali (West).

The total land parcel of the societies mentioned above is approximately 16,600 square meters, with a total development potential of approx. 2,31,800 square feet built-up area and a revenue total of around Rs 600 crore. All these projects are expected to begin during various stages of Q2 & Q3 of 2023.

"We are pleased to add these iconic projects to our portfolio and are grateful to the members of societies for entrusting us with this opportunity. The demand for guaranteed developments has been strong since the pandemic & shows no signs of slowing down. These projects, located in prime locations will enable the development of premium residences that offer a luxurious lifestyle with premium retail establishments which will allow us to further strengthen our presence in suburban areas of the city. We aim to build outstanding residential and commercial communities that create long-term value for its residents and celebrates the legacy of these individual sites" Mr. Dinesh Modi, Chairman and MD, Modi's Navnirman Limited.

These Projects are a part of our strategy of focusing on the fast-growing aspirational redevelopment segment in the Mumbai Metropolitan Region (MMR) and align with our expansion plans in one of the fastest-growing micro markets in the city. These land parcels lie in well-developed residential areas with healthcare centres, educational institutions, entertainment & recreational centres along with commercial and retail outlets nearby. The well-established infrastructure will add to the holistic living experience for our customers.

Shares of Modis Navnirman Limited was last trading in BSE at Rs. 165.00 as compared to the previous close of Rs. 150.00. The total number of shares traded during the day was 11200 in over 7 trades.

The stock hit an intraday high of Rs. 165.00 and intraday low of 155.95. The net turnover during the day was Rs. 1797920.00.

Source : Equity Bulls

Keywords

ModisNavnirman INE0L0L01012 Residential CommercialProjects RedevelopmentProjects Mumbai