Modis Navnirman Secures ₹250 Crore Redevelopment Project in Mumbai

Modis Navnirman Limited has announced its appointment as the developer for the redevelopment of the BOI Staff Sheetal Co-operative Housing Society Ltd., located in Borivali West, Mumbai. The project involves a land parcel of approximately 3925 square meters and is estimated to have a Gross Development Value (GDV) of ₹250 crore. The unanimous consent of all society members was obtained following the completion of the 79A procedure, in compliance with statutory requirements.

The redevelopment project is valued at approximately ₹250 crore. The financial terms include the transformation of the existing housing society into a modern residential development. The project aims to enhance safety standards and incorporate sustainability features. The unanimous mandate from the society members reflects confidence in Modis Navnirman’s execution capabilities and transparency.

The scope of the project includes the redevelopment of the existing housing society into a contemporary residential complex. The focus will be on creating high-quality living spaces with improved safety and sustainability features. The project will also include lifestyle amenities for residents, aligning with the company’s strategic focus on transforming aging housing societies into future-ready developments.

The redevelopment of the BOI Staff Sheetal Co-operative Housing Society is part of Modis Navnirman’s expanding portfolio in Mumbai’s suburban micro-markets. The project aligns with the company’s strategy to focus on transparency, timely execution, and sustainable value creation. Modis Navnirman is recognized for its track record in the redevelopment segment, particularly in well-established areas like Borivali West.

The project timeline includes the completion of the 79A procedure and obtaining unanimous consent from all society members. Modis Navnirman will oversee the redevelopment process, ensuring compliance with all statutory requirements. The company will focus on delivering the project within the stipulated timelines, maintaining its commitment to quality and transparency.

Modis Navnirman Limited is a prominent player in Mumbai’s real estate redevelopment sector. Founded by Mr. Dinesh C. Modi in 2010, the company has established a strong presence in the market. Modis Navnirman focuses on responsible innovation and upgrading lifestyles through its redevelopment projects. The company aims to set new benchmarks in the industry, positioning itself as one of India’s leading real estate developers.