Modis Navnirman Ltd secures Redevelopment Mandate for Landmark Neel Kiran CHSL in Khar West; Adds ₹250 Crore to GDV Pipeline

Modis Navnirman Limited ("MNL"), a Mumbai-based real estate developer focused on redevelopment and urban renewal projects, has been appointed as the developer for the redevelopment of Neel Kiran Co-operative Housing Society Ltd., a landmark residential society located in Khar West, Mumbai.

The appointment follows a redevelopment selection process conducted by the society, culminating in the members selecting Modis Navnirman Limited as their preferred redevelopment partner. The project is expected to contribute approximately ₹250 crore in Gross Development Value (GDV) to the Company's redevelopment portfolio.

Located in one of Mumbai's most sought-after residential neighbourhoods, Neel Kiran CHSL occupies a strategic position in Khar West, a market known for its strong residential demand, established social infrastructure and enduring appeal among homebuyers. The redevelopment is expected to deliver modern residential infrastructure, enhanced amenities and a contemporary living environment while creating long-term value for existing members.

Commenting on the development, Mr. Dinesh Modi, Chairman & Managing Director, Modis Navnirman Limited, said: "We are honoured by the confidence and trust placed in us by the members of Neel Kiran Co-operative Housing Society. Redevelopment is ultimately a partnership built on transparency, commitment and shared vision, and we recognize the responsibility that comes with being entrusted to transform a society's future. At Modis Navnirman Limited, our focus extends beyond construction-we strive to create developments that enhance the quality of life for residents, unlock the full potential of valuable urban land parcels and contribute positively to the neighborhood's in which we operate. We look forward to working closely with the members of Neel Kiran CHSL and all stakeholders to deliver a development that reflects the aspirations of society and stands as a landmark addition to Khar West."

The redevelopment of Neel Kiran CHSL marks a significant milestone for Modis Navnirman Limited as we expand our presence into one of Mumbai's most prestigious residential markets. Khar West has long been regarded as one of the city's most desirable residential destinations, and we are delighted to have earned the trust of the members of Neel Kiran CHSL. This project represents an exciting new chapter for the Company and adds approximately ₹250 crore to our GDV pipeline, further strengthening our presence in Mumbai's premium redevelopment segment.

The project is subject to execution of definitive documentation and receipt of requisite approvals from society and relevant authorities.

With this appointment, Modis Navnirman Limited continues to expand its redevelopment footprint across Mumbai's western suburbs while reinforcing its commitment to creating value through responsible urban renewal, thoughtful design and excellence execution.

Shares of Modis Navnirman Limited was last trading in BSE at Rs. 347.95 as compared to the previous close of Rs. 335.25. The total number of shares traded during the day was 4307 in over 99 trades.

The stock hit an intraday high of Rs. 353.00 and intraday low of 337.70. The net turnover during the day was Rs. 1501023.00.

Source : Equity Bulls

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ModisNavnirman INE0L0L01012 Residential CommercialProjects