### **Overview** Shraddha Prime Projects Limited is a Mumbai-based, BSE-listed real estate developer primarily focused on **residential, slum rehabilitation, redevelopment, and MHADA projects** across Mumbai and surrounding regions. The company positions itself as a **quality-oriented, inclusive developer** catering to a wide spectrum of society—from **affordable and compact housing to premium and super-premium residences**. Since its strategic shift into real estate in July 2021 under the leadership of promoter **Sudhir Balu Mehta** of the Shraddha Group (with over 30 years of real estate experience), the company has rapidly expanded its project portfolio and land bank. --- ### **Business Focus & Strategy** - **Core Segment**: Single-segment operation in **Real Estate Development**, covering residential and commercial projects. - **Primary Markets**: Concentrated in **Mumbai Metropolitan Region (MMR)**, particularly in western and central suburbs (Borivali, Mulund, Kandivali, Thane, Bhandup, Kanjurmarg). - **Growth Drivers**: - Urbanization and rising housing demand - Redevelopment potential under SRA, MHADA, and society/cluster models - PropTech integration - Green building differentiation - Asset-light **Joint Development Agreements (JDAs)** and partnership models - **Future Expansion Plans**: Exploring entry into **other parts of Maharashtra and key Indian cities** to diversify geographic concentration and scale operations. - **Sales Model**: Direct sales model to ensure stable, cyclical cash flows, with early-unit booking strategies to support liquidity. --- ### **Recent Strategic Developments (2024–2025)** #### **Aug–Nov 2025: Land Acquisition & Future Pipeline** - Acquired **development rights for new land parcels** expected to generate **aggregate GDV of INR 1,200 crores**. - **Dadar (West), Mumbai**: - Land: 2,008.37 sq. m. - Expected carpet area: ~70,000 sq. ft. - **Estimated GDV: INR 500 crores** - **Bhandup (Nahur), Mumbai**: - Land: 3,742.80 sq. m. - Projected carpet area: ~150,000 sq. ft. - **Estimated GDV: INR 300 crores** - In documentation phase for **three new projects**, including one in **South Bombay (Matunga)**—signaling expansion into premium micro-markets. #### **Sep 2024: Partnerships & Project Appointments** - Entered **50% partnership with Roopventures LLP** to take over and develop its projects. - Appointed developer for: - **The Bhaskar Nagar Co-operative Housing Society**, Borivali East - **Himgiri Co-operative Housing Society**, Mulund West - Launched **"Shraddha Pratham"** – the company’s **ninth project** – a redevelopment initiative in Borivali East, enhancing footprint in high-demand zones. #### **Key Project Updates (2023–2025)** | Project | Location | Key Facts | |--------------------------|--------------------|---------| | **Shraddha Peninsula** | Thane (Dokali, Balkum) | - Full Commencement Certificate received (Sep 2024)<br> - Delivery expected: **Dec 2025**<br> - Strong demand from mid-to-premium segment | | **Shraddha Pratham** | Borivali East | - Redevelopment project<br> - GDV: ~₹400 crores, Saleable Area: ~132,500 sq. ft.<br> - Target delivery: **August 2027** | | **Shraddha Park City** | Borivali East | - One of largest redevelopment projects in the area<br> - 436,800 sq. ft. residential + 34,382 sq. ft. commercial<br> - Revenue potential: ₹1,200 crores over 5 years<br> - Developed under **DCPR 2034 33(11)(A)** (FSI benefits) | | **Shraddha Paradise** | Borivali West | - 2-acre plot, ~148,000 sq. ft. saleable area<br> - Revenue potential: ₹400 crores<br> - Full IOD & Plinth Commencement secured (Dec 2023) | | **Shraddha Pavilion** | Kanjurmarg East | - Two towers on 2,943 sq. m. land<br> - ~53,000 sq. ft. saleable area, ₹100 crore revenue potential<br> - Strategic location near EEW & JVLR | | **Goshala Road, Mulund West** | Mulund West | - 5,865 sq. m. land parcel<br> - Multi-storied residential development initiated in FY24<br> - Expected high margins due to prime location | --- ### **Operational Strengths** - **In-house execution**: Manages land acquisition, approvals, design, construction, and marketing internally. - **Land acquisition strategy**: Focuses on **emerging demand areas** to optimize margins; uses JDAs and partnerships to access land with minimal capital outlay. - **Development Approvals**: Proactive in securing statutory clearances—Full IOD, Plinth Certificates, and Commencement Certificates—ensuring timely project starts. - **Brand Equity**: The **‘Shraddha’ brand** is well-established and trusted in MMR, backed by a legacy of on-time delivery and quality. - **Construction Expertise**: Strong alliances with architects, engineers, and contractors; experienced in complex **slum rehabilitation and redevelopment projects**. - **Subsidiaries**: Operates through **Padmagriha Heights** and **Shree Mangesh Constructions**, supporting execution capacity. --- ### **Market Positioning & Portfolio** - **Product Range**: Housing across segments: - Affordable - Compact (mid-income) - Premium & Super-Premium - **Redevelopment Focus**: A major focus area, leveraging RERA and city rejuvenation policies. - **Innovation**: Adoption of **standardized designs** and simplified layouts to improve construction speed and cost efficiency. - **Customer-Centric Approach**: Collects feedback to refine design and functionality, aligning with evolving preferences for **space, light, ventilation, and modern amenities**. --- ### **Corporate Background** - **Founded**: 1993 as **Towa Sokki Limited** - **Listed on BSE**: Since 1996 - **Transformation**: Acquired by **Sudhir Balu Mehta (Shraddha Group)** in 2021 via share purchase and open offer. - **Rebranded**: Changed to **Shraddha Prime Projects Limited**; shifted registered office to Mumbai, Maharashtra. - **Previous Business**: Electrical equipment manufacturing → full transition to **real estate development in 2021**. ---