Modis Navnirman is a Mumbai real estate developer that has built its entire business around one idea: replacing the city’s aging apartment blocks with modern towers, without ever buying the land underneath them. Founded in 2009 by Dinesh Modi and listed in 2022, the company has concentrated exclusively on the western suburbs - Borivali, Kandivali, Malad, Goregaon, and Dahisar - where demand is thickest and the housing stock is old enough to need rebuilding. Everything it does flows from an asset-light partnership model: housing societies bring the land, Modis Navnirman brings the construction and the brand, and the company sells the new units only after they are built - a debt-free, no-pre-sales approach that management calls “#Promise Fulfilled”. # Business segments A single engine - redevelopment of housing societies into premium residential and mixed-use towers in Mumbai’s western suburbs - where the company earns by building on land it does not own and selling finished homes to end-users. ## 1. Redevelopment-led projects: building homes on other people’s land **The company is chosen by aging housing societies to demolish their old buildings and construct new towers, earning its revenue by selling the extra flats and shops created - all without buying a single plot of land.** - **Land comes free, via partnership** - housing societies, MHADA colonies, and SRA projects contribute the plot; Modis Navnirman funds construction at the project level while the listed company carries no debt, so capital stays light and margins stay intact. - **Sold only when finished** - the company does not pre-sell apartments, releasing inventory only after construction is complete and an occupancy certificate is in hand, which means buyers walk through a real home before paying and the company avoids the reputation risk of delayed handovers. - **Concentrated where demand is proven** - every project sits in the western suburban corridor from Dahisar to Goregaon, a stretch that accounted for over 58% of the city's property registrations within the western suburbs in FY25, putting the company’s towers within reach of metro lines, the Coastal Road, and established commercial hubs. - **A brand built on delivery speed** - in a market where many redevelopment developers handle only one project at a time, Modis Navnirman has delivered 14 projects totalling over 7.22 lakh square feet and positions timely or early possession as its main competitive edge when persuading housing societies to choose it as their developer. - **Portfolio spans the price ladder** - the company builds across affordable, mid-income, premium, and luxury segments, with a blended average selling price of roughly ₹25,000 to ₹27,000 per square foot as of early 2026, and has even attracted buyers from Dubai. # Group structure and partners **A single listed entity with a freshly merged subsidiary and a family-run operating core, supported by a tight circle of architects, engineers, and two banking relationships.** - The company completed a fast-track merger of its wholly-owned subsidiary Shree Modis Navnirman Private Limited into the listed entity in FY26 - described as India’s second such merger and the first for a listed Mumbai real estate firm - bringing all operations under one roof and eliminating a layer of group complexity. - The board and management are drawn from the founding family: Dinesh Modi serves as Chairman and Managing Director, with Mahek Modi as Whole-time Director and CFO, Rashmi Modi as Whole-time Director, and Nishi Modi as Company Secretary. - The company established the Modis Navnirman Foundation as a dedicated CSR vehicle, structured as a Section 8 non-profit subsidiary. - Project-level design and engineering work is outsourced to a network of named consultants - including structural engineer Hiren M. Tanna, architect Space Vision, and licensing architect Nilesh Makwana - while Kotak Mahindra Bank and HDFC Bank serve as the company’s banking partners.