B-Right RealEstate Limited, a Mumbai-based construction and real estate development firm, has appointed two senior executives as part of its strategy to drive future growth and expansion. The company has named Nishikant Shimpi as Chief Executive Officer (CEO) and Anand Chirania as Chief Financial Officer (CFO), effective immediately. These appointments were approved by the company’s board today, signaling its commitment to building a strong leadership team as it seeks to scale up operations.
Expansion and Leadership Strengthening
B-Right RealEstate, which currently has over 36 lakh square feet of projects under development, is in the midst of a strategic transition from focusing primarily on Slum Rehabilitation Authority (SRA) projects to diversifying into redevelopment projects. The company aims to capitalize on the growing opportunities in Mumbai’s real estate market, particularly in the western suburbs from Borivali to Bandra, where many of its residential and commercial developments are located.
Sanjay Shah, Founder & Director of B-Right RealEstate, said, “As we aim for the next level of growth, having the best leadership team is crucial. Both Mr. Shimpi and Mr. Chirania bring decades of experience that will be invaluable as we accelerate our scaling efforts. Mr. Shimpi’s expertise in real estate operations and Mr. Chirania’s proficiency in finance and capital raising will help steer the company towards greater success.”
Nishikant Shimpi: A Veteran in Real Estate Leadership
With over 32 years of experience in various functions within the real estate industry, Nishikant Shimpi brings a wealth of expertise to B-Right. A Civil Engineering graduate with a Master’s in Management Studies from Sydenham Institute, Shimpi has held leadership roles across major real estate companies. His previous positions include CEO of Inspira Realty, CEO of Pashmina Realty, and SBU Head at L&T Realty, among others. He also led Godrej Properties’ expansion into South India in 2005 and managed a 720-acre project in Lagos, Nigeria.
Shimpi is known for his innovative approach, having implemented India’s first Automated Prepaid Reticulated Gas System in 2009 and pioneered a real-time software platform for NRI realty customers. At B-Right, he will lead operations and oversee the company’s growth strategy.
Anand Chirania: Financial Expertise to Drive Growth
Anand Chirania, who will serve as CFO, brings over 23 years of financial and corporate management experience. A Chartered Accountant with an MBA in Finance from Narsee Monjee College, Chirania has handled various roles involving debt and equity financing, including managing corporate finance at Godrej Properties and heading the Merchant Banking Division at Anand Rathi.
During his career, Chirania has successfully managed funds worth over Rs. 1,500 crore, generating an impressive 21%+ internal rate of return (IRR) for stakeholders. He also played a key role in raising approximately Rs. 7,000 crore through IPOs, private equity, and family office funding. He succeeds Jinal Mukeshkumar Mehta, who will continue as Head of Accounts & Compliance.
B-Right’s Growth Trajectory
In recent months, B-Right has shifted its focus from solely executing SRA projects to embracing the broader opportunities within Mumbai’s redevelopment market. With a Gross Development Value (GDV) of nearly Rs. 6,000 crore across more than 20 residential and commercial projects, the company is positioning itself to play a significant role in the city’s real estate landscape.
B-Right has shown impressive financial growth, with revenues rising 119% to Rs. 42.28 crore in FY24, compared to the previous fiscal year. The company also reported an EBITDA of Rs. 11.20 crore, up 91% from FY23. These figures highlight B-Right’s increasing profitability and the successful execution of its business strategies.
Founded in 2008 by Sanjay Shah, B-Right RealEstate is an integrated construction and real estate development company that primarily focuses on residential and commercial projects in and around Mumbai. The company went public in July 2022 with a successful IPO on BSE’s SME platform.
As B-Right RealEstate looks to expand its portfolio and further establish itself as a key player in Mumbai’s real estate market, the recent leadership appointments signal the company’s commitment to strengthening its expertise and driving sustained growth.
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