Modis Navnirman Ltd Company Summary

Modis Navnirman Ltd Summary

The real estate business of the Modis Navnirman Limited was originally carried on as a Limited Liability Partnership firm in the style of M/s. Modis Navnirman LLP, pursuant to a LLP deed dated January 05, 2016. The Incorporation Certificate was received from the Registrar of Companies, Mumbai at Maharashtra on December 31, 2015. With an intention to expand the construction horizons, Company had acquired 100% stake in Shree Modis Navnirman Private Limited. (SMNPL) & thereby making it a Wholly Owned Subsidiary Company. Modis Navnirman LLP was converted into a Public Limited Company. Pursuant to such conversion, Company was incorporated as Modis Navnirman Limited, a Public Limited Company and a fresh Certificate of Incorporation dated March 4, 2022 was issued by the Registrar of Companies, Mumbai at Maharashtra.The Company is primarily engaged in the activities of Real Estate Development in Mumbai. The Company develops residential and commercial projects. It has a diversified portfolio of completed, ongoing and upcoming projects in mixed-use or single segment developments, which cover real estate market, like residential and residential cum-commercial.The Companys customer-centric business model focuses on designing and developing products to address consumer needs across price points. It has capabilities to deliver a project from conceptualization to completion with fast turnaround time from acquisition to launch to completion, which focuses on de-risking and improving return on investment. It streamline our supply chain and construction processes with an aim to develop high quality products consistently and in a timely and cost efficient manner. It partner with top architects and design team which uses customer insights to conceptualize and design products that are best suited for the current location and target a variety of customer groups. Its construction management and procurement teams focus on realizing efficiencies in procurement, vendor selection and construction. The Companys in-house sales team is supported by a well skilled execution team which delivers precisely designed products and amenities to customers.The Promoters of Company are Dineshkumar Modi , Rashmi Modi and Mahek Modi. The Group was founded by Promoter, Mr. Dineshkumar Modi in year 2009 which, so far constructed 7 residential and commercial projects namely Rashmi Tara, Rashmi Chaaya, Badshahs Residency, Rashmi Sadhna, Rashmi Sheela, Mrunali and Rashmi Kunj in the western suburbs of Mumbai specifically in and around the areas of Borivali, Kandivali, Malad and Goregaon. The Group has 5 projects, which are currently under construction. It presently compete for the sale of projects in Mumbai with various regional companies, including Nirman Group, Sanghi Builders and Developers, Brijwasi Buildcon, etc.In 2017, the Company received Commencement Certificate and began construction for the project Rashmi Sadhna.In 2018, it received Commencement Certificate and began construction for the project Rashmi Sheela.In 2019, it received Completion Certificate for the projects Rashmi Sadhna and Rashmi Sheela respectively.In 2021, it received Commencement Certificates for projects such as Rashmi Jewel, Rashmi Enclave & Rashmi Terrace through its wholly owned subsidiary, SMNPL. In 2022, it received Commencement Certificate Project Rashmi Kavita through its wholly owned subsidiary, SMNPL.The Company made an Initial Public Offer of 12,60,000 Fresh Issue of Equity Shares of face value of Rs 10 each by raising funds aggregating to Rs 23 Crore in June, 2022. The Company has been one of the leading developers in the Suburban areas of Mumbai and FY 2023-24 has been selected as the Developer of choice to redevelop the plot and premises of Societies (Dattani Apartment CHSL, OM Shraddha CHSL, Vadudeo Terrace CHSL, Sunder Sangam CHSL, Shree Siddhivinayak Towers CHSL ) on a land admeasuring approximately a total of 16,603 sq.mts in areas of Borivali, Kandivali and Goregaon, Mumbai.