Shraddha Prime Secures Commencement Certificate for Mulund SRA Project; Aims for Rs 150 Cr Revenue

Shraddha Prime Projects Limited has announced a significant milestone with a new redevelopment project in Mumbai. The company has received a Commencement Certificate for its “Shraddha Phoenix” project. This approval marks a crucial step in expanding its footprint in the city’s redevelopment segment. Moreover, the project highlights the company’s focus on high-potential suburban micro-markets.

The development comes as the company strengthens its growth pipeline in Mumbai’s real estate sector. Shraddha Prime Projects Limited’s stock, with a market capitalisation of Rs. 675.10 crores, rose Rs. 172.70, up 3.7 percent from its previous closing price of Rs. 166.55. Furthermore, the stock over the past year has given a return of 10 percent.

The project is expected to generate around Rs. 150 crore over the next three years. Consequently, market participants are closely tracking execution timelines and future updates.

Shraddha Phoenix is located at Vidyalaya Marg in Mulund (East), Mumbai. The project involves the redevelopment of Siddhivinayak Welfare SRA CHS and Uttar Bhartiya Residents SRA CHS. Additionally, it offers a total residential RERA carpet area of approximately 75,355.64 square feet.

The project falls under the ‘T’ ward of the Brihanmumbai Municipal Corporation. Furthermore, the location is known for improving infrastructure and rising housing demand. The scale of development positions it as a meaningful addition to the company’s existing portfolio. The company expects the project to generate nearly Rs. 150 crore in revenue over three years. Therefore, this project could contribute steadily to its medium-term financial performance. The redevelopment model also allows efficient use of land in dense urban areas.

Moreover, the project aligns with the company’s strategy to focus on redevelopment opportunities. These projects typically offer faster approvals and strong demand visibility. As a result, Shraddha Prime aims to strengthen its presence in key suburban clusters like Mulund.

Managing Director Sudhir Mehta stated that receiving the Commencement Certificate marks an important milestone. He emphasized the company’s continued focus on redevelopment opportunities across Mumbai.

The management expressed confidence in sustaining growth momentum in the coming years. Furthermore, the company plans to leverage its execution capabilities and local market expertise.

Shraddha Prime Projects Limited is a Mumbai-based real estate developer with a diversified portfolio. Its operations include residential developments, SRA projects, redevelopment initiatives, and MHADA projects. Moreover, the company focuses on delivering quality housing across multiple price segments.

It caters to affordable, compact, premium, and super-premium housing categories. Additionally, its strategy emphasizes inclusivity and timely execution. This approach has helped it build a presence across several suburban micro-markets in Mumbai.

Going forward, the company is likely to continue expanding its redevelopment portfolio. Consequently, projects like Shraddha Phoenix could play a key role in driving future growth.