Announcement under Regulation 30 (LODR)- Press Release
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Shraddha Prime Projects has announced receiving IOD (Intimation of Disapproval) approval from authorities for its redevelopment project 'Shraddha Paradise Enclave' in Mulund West, Mumbai. The project covers a carpet area of 1,28,921 sq ft (residential) and 29,588 sq ft (commercial) and has the potential to generate approximately Rs. 420 crore in revenue over the next five years. It will be developed as a multi-storied high-rise tower under the DCPR 2034 regulations, with the 33(11) scheme providing additional FSI benefits. The company described this as one of its largest redevelopment projects, in line with its focus on modern, high-quality developments.
This regulatory clearance is a positive milestone that de-risks one of the company's largest projects and unlocks a significant revenue pipeline (Rs. 420 crore) over five years, which could support future earnings visibility. For shareholders, it signals project execution progress, though actual revenue recognition will depend on construction timelines and sales pace.