CHAIRMAN
Dear Stakeholders,
I hope this message finds you and your loved ones well.
I am delighted to present to you the Annual Report of Modi's Navnirman
Ltd. for FY23-24.
I am pleased to inform you that your Company has once again achieved
outstanding results during the financial year. The residential real estate sector
continues to experience strong sales demand, driven by rising income levels, ^ ^
preference for homeownership, and a growing base of aspirational consumers.
Modi's Navnirman Limited has been one of the leading developers in the
Suburban areas of Mumbai and in the year 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,
VASUDEO TERRACE CHSL, SUNDER SANGAM CHSL, SHREE SIDDHIVINAYAK TOWERS
CHSL ) on a land admeasuring approximately a
¦—1 =
total of 16,603 sq.mts in areas of Borivali, Kandivali and Goregaon,
Mumbai.
f This redevelopment will lead to sale potential of approximately
2,40,000 sq.ft of Carpet areas. The Company have been already developing land in such
areas so a smoother possession is expected.
The Indian economy continues to be on a strong footing and is expected
to grow ~6.5% in FY25, amongst the fastest in major economies, according to the World
Economic Outlook. Our economy has been resilient amongst global major economies and is on
course to becoming the fourth largest in the world. Strong economic fundamentals,
growth-oriented
policy making, prudent fiscal spending, and structural reforms have
enabled India to navigate through the global headwinds.
Our success was driven by executing a proven asset-light strategy,
strengthening our portfolio, maintaining cash flow discipline, and expanding our ecosystem
of sales. These efforts, coupled with our commitment to quality and timely product
delivery, have enabled us to deliver unparalleled strategic value to both our customers
and shareholders, rapidly positioning the company among the industry leaders.
Looking ahead, Modis Navnirman has established strong visibility of
sales from the upcoming real estate portfolio.
We extend our sincere gratitude to all our esteemed shareholders for
their enduring trust and support in our company. Your unwavering confidence has been
instrumental in our success. Thank you for being a part of our journey and for your
continued support.
| With Best Wishes, |
| Mr. Dinesh Modi |
| Chairman & Managing Director |