Shraddha Prime Projects launches Rs 120 crore Mulund West residential project

Shraddha Prime Projects Limited has launched Param Adarsh, a 21-storey residential development in Mulund West, Mumbai, with an estimated gross development value, or GDV, of around Rs 120 crore.

The project, announced on October 13, 2026, is located directly opposite Mulund West Railway station. The location gives the development a transport-connectivity advantage in an established Mumbai residential neighbourhood, where redevelopment and new housing supply are shaped by limited availability of vacant land.

For Shraddha Prime Projects, the launch deepens its presence in Mulund, a micro-market where it completed and delivered the Shraddha Priva project during FY26. Param Adarsh’s estimated GDV is equivalent to about 23.6 per cent of the company’s consolidated revenue from operations of Rs 508.35 crore in FY26, highlighting the relative importance of a single project launch for a developer with a project-led revenue model.

Managing Director Sudhir Balu Mehta said Mulund had been an important market for the company and that the project’s location opposite the railway station was a key advantage for buyers seeking convenient connectivity within Mumbai.

‘With an estimated GDV of approx. Rs 120 crore, the project adds to our development pipeline as we continue to expand our presence across established Mumbai neighbourhoods,’ Mehta said. He added that the company would focus on quality Construction, efficient execution and delivering homes suited to current homebuyer requirements.

The launch aligns with Shraddha Prime Projects’ stated strategy of expanding its redevelopment-led portfolio across established Mumbai and Mumbai Metropolitan Region neighbourhoods. The company’s annual report had put its running project portfolio at approximately Rs 2,500 crore of GDV during FY26, after adding six projects with a combined GDV of about Rs 900 crore in that year.

Mumbai’s mature residential micro-markets offer developers access to established social infrastructure and buyer catchments, but they also require careful management of approvals, construction schedules, costs and sales absorption. In redevelopment-focused projects, execution can additionally depend on society arrangements and regulatory clearances.

Shraddha Prime Projects reported sharp financial growth in FY26, with consolidated revenue from operations rising 226.7 per cent year on year from Rs 155.58 crore. Consolidated profit after Tax increased 114.3 per cent to Rs 53.39 crore. The performance was supported by project completions, property demand and sales and marketing efforts, according to the company’s annual disclosures.

The expansion has also required greater funding. Consolidated borrowings stood at Rs 261.59 crore as of March 31, 2026, compared with Rs 189.25 crore a year earlier, while operating cash flow remained negative at Rs 38.35 crore because of working-capital investment in inventories, loans and advances. Management had said debt rose due to ongoing projects and that it intended to reduce borrowings in subsequent years.

This makes the pace of approvals, construction progress, customer collections and sales conversion important for the newly launched Mulund project, particularly as real-estate revenue is recognised over the course of construction rather than entirely at launch.

As of 2.16 pm on October 13, 2026, Shraddha Prime Projects shares were trading at Rs 160.95, down 1.89 per cent from the previous close of Rs 164.05. The stock was about 35.8 per cent below its 52-week high of Rs 250.75, though it remained around 11.7 per cent above its 52-week low of Rs 144.10. Over the past year, the shares have declined 12.16 per cent, compared with a 6.29 per cent decline in the BSE 500.

Disclaimer: The article is for informational purposes only and not investment advice.