Modis Navnirman Secures Rs 250-Cr Housing Redevelopment in Mumbai

Modis Navnirman Limited has been appointed as the developer for a ₹250 crore housing society redevelopment project in Mumbai, strengthening its presence in the city’s real estate redevelopment segment.

The project involves the redevelopment of BOI Staff Sheetal Co-operative Housing Society, located at Ramnagar on S.V. Road in Borivali West.

The site spans a plot area of around 3,924.91 square metres, with the development carrying an estimated Gross Development Value (GDV) of ₹250 crore.

The redevelopment is planned to replace ageing residential structures with modern housing that meets current construction standards, safety norms, and regulatory requirements.

Key Highlights

• Modis Navnirman Limited secures ₹250-crore housing redevelopment mandate in Mumbai
• Borivali West project strengthens focus on society-led redevelopment
• Urban renewal drives housing supply in land-constrained Mumbai markets

A key milestone for the project is the society’s completion of the mandatory 79A procedure, a statutory requirement under cooperative housing regulations in Maharashtra. This clearance enables the Mumbai redevelopment project to move forward. The appointment of Modis Navnirman followed unanimous approval from all society members, a factor that reduces execution risk and reflects member consensus on the developer’s proposal and credentials.

Mahek Modi, Whole Time Director and Chief Financial Officer of Modis Navnirman, stated that the unanimous mandate reflects the confidence placed in the company by the society. He added that the company intends to deliver the project in line with agreed timelines and specifications, while adhering to regulatory and quality benchmarks expected in housing redevelopment projects.

The Borivali West redevelopment adds to Modis Navnirman’s expanding portfolio of redevelopment projects in Mumbai, particularly across suburban regions. Redevelopment activity has become a key growth driver in the city as older cooperative housing societies seek structural upgrades, better utilisation of land, and improved living standards without relocation to distant areas.

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Industry participants note that such urban redevelopment initiatives contribute to the renewal of established neighbourhoods, optimise land use in land-constrained Mumbai, and support the city’s ongoing Mumbai housing market supply through redevelopment-led growth.