Modis Navnirman bags Khar West redevelopment; adds 250 cr to pipeline

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Price reactionminutes from the announcement price · days from the prior close

+4.7%Reaction day

₹337.00

prior close

₹343.10

announcement price

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Nifty Microcap 250market · in no size index; the smallest one is used+0.2%+4.5% vs market

Residential Commercial Projects peers, median of 65sector-0.7%+5.5% vs sector

On the reaction day the stock moved 4.5 pts more than Nifty Microcap 250 and 5.5 pts more than its Residential Commercial Projects peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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Next day

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UpDownMarket · Nifty Microcap 250Sector · Residential Commercial Projects peers, median of 65Pending

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AI summary

Modis Navnirman Limited has been appointed as the developer for the redevelopment of Neel Kiran Co-operative Housing Society in Khar West, Mumbai. The project is expected to add about 250 crore in Gross Development Value (GDV) to the company's redevelopment portfolio. The appointment followed a selection process by the society members. The project is subject to execution of definitive documents and receipt of approvals from the society and relevant authorities. Khar West is a premium residential micro-market in Mumbai.

Likely market impact

New mandate strengthens presence in Mumbai's premium redevelopment segment and adds to GDV pipeline, though execution remains subject to approvals.