Modis Navnirman Ltd secures Redevelopment Mandate for Landmark High-Rise Tower in Mumbai

Modis Navnirman Limited, a fast-growing redevelopment-focused real estate developer, today announced its appointment as the developer for the redevelopment of "New Chitra Co-operative Housing Society Ltd." one of the city's earliest high-rise residential towers located in Kandivali West.

Originally constructed over three decades ago, the existing 14-storey structure was considered a landmark at the time of its completion. The building will now undergo complete demolition to make way for a modern, premium commercial-cum-residential tower designed to meet contemporary standards of safety, sustainability, and urban lifestyle.

Spread across a land parcel of approximately 2,300 sq. meters, the project is expected to generate an estimated Gross Development Value (GDV) of approximately ₹ 160 crore. The proposed development will comprise thoughtfully planned residences, curated commercial spaces, and state-of-the-art amenities, offering a future-ready environment for both occupants and investors.

The redevelopment will significantly enhance the quality of living for existing members, who will receive larger, well-designed homes with modern layouts, improved specifications, dedicated parking, and upgraded common infrastructure. Designed with a strong focus on sustainability and resilience, the new tower will incorporate energy-efficient systems, rainwater harvesting, fire-safety enhancements, smart building technologies, and other green features aligned with current environmental and structural norms.

Strategically located in Kandivali West, one of Mumbai's rapidly evolving residential and commercial corridors the project benefits from strong social infrastructure and seamless connectivity, making it an attractive destination for both end users and investors.

Commenting on the development, Mr. Mahek Modi, Whole-Time Director and Chief Financial Officer, said, "Redeveloping one of the city's earliest high-rise structures is both a responsibility and an opportunity. This project represents the evolution of Mumbai's skyline, where legacy buildings are transformed into safe, modern, and premium developments. At Modis Navnirman, we are committed to delivering projects that combine design excellence, transparency, and long-term value creation for residents and stakeholders alike."

Mr. Dinesh C. Modi, Founder, added, "Redevelopment is central to Mumbai's next phase of growth. Our focus is on unlocking value in aging assets while creating high-quality spaces that enhance lifestyles and strengthen communities. This mandate reinforces the trust that societies place in us to execute responsibly and deliver on time."

This appointment further strengthens the company's growing redevelopment portfolio across Mumbai, where it continues to partner with housing societies to transform aging properties into premium, futureready assets.

Shares of Modis Navnirman Limited was last trading in BSE at Rs. 314.95 as compared to the previous close of Rs. 317.90. The total number of shares traded during the day was 1151 in over 27 trades.

The stock hit an intraday high of Rs. 331.00 and intraday low of 314.95. The net turnover during the day was Rs. 365718.00.

Source : Equity Bulls

Keywords

ModisNavnirman INE0L0L01012 Residential CommercialProjects Redevelopment HighRiseTower Mumbai