Modis Navnirman Limited has informed the Exchange regarding a press release dated March 04, 2026, titled "Modis Navnirman Limited Secures Redevelopment Mandate forLandmark High-Rise Tower in Mumbai".
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Awaiting price reaction for this filing.
Modis Navnirman Limited has been appointed as the developer for the redevelopment of 'New Chitra Co-operative Housing Society Ltd.' in Kandivali West, Mumbai. The existing 14-storey building, constructed over three decades ago, will be demolished and rebuilt as a modern premium commercial-cum-residential tower. The project spans approximately 2,300 sq. meters and has an estimated Gross Development Value (GDV) of about ₹160 crore. The company describes it as a landmark project, being one of Mumbai's earliest high-rise structures to undergo redevelopment. This adds to Modis Navnirman Limited's growing portfolio of housing society redevelopment projects across Mumbai, reinforcing its focus on the redevelopment segment.
Positive for the company as it strengthens its redevelopment order book and visibility in its core Mumbai market. The ₹160 crore GDV adds meaningful scale, though the actual revenue to Modis Navnirman will depend on its developer economics rather than the full GDV figure. No immediate price catalyst beyond the announcement itself.