Modis Navnirman Limited has formally commenced construction of its new residential project 'Rashmi Paradise' through a Bhoomi Poojan ceremony held on October 30, 2026. The disclosure is made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Project Details
- Project Name: Rashmi Paradise
- Location: Evershine Nagar, near Link Road, Malad (West), Mumbai
- Plot Area: 4,574.10 square meters
- Project Type: Mixed-use development
- Residential Configuration: Two residential towers containing approximately 136 homes
- Commercial Configuration: 23 commercial shops and offices
- Features: Podium parking and a dedicated amenities floor with recreational spaces and fitness facilities
Management Commentary
Mr. Mahek Modi, Whole-Time Director & Chief Financial Officer of Modis Navnirman Limited, stated that the project represents an important milestone in the company's development journey. He emphasized the company's focus on quality construction, considered planning, and creating spaces that deliver lasting value for communities.
Strategic Context
The project represents an expansion of Modis Navnirman's residential development portfolio in Mumbai. The company aims to combine residential and commercial spaces within an integrated development to cater to evolving urban community requirements.
Additional Information
The company was founded by Mr. Dinesh C. Modi in 2010 and focuses on real estate redevelopment in Mumbai. The press release includes standard forward-looking statement disclaimers noting that actual results may differ due to regulatory changes, economic developments, and other risk factors.
Financial Impact
Financial impact not quantified in the disclosure.