Drone Destination has achieved a significant milestone by securing its first direct contract from the Survey of India for 2D/3D urban mapping as part of the NAKSHA Pilot Project. This initiative is a crucial step towards modernizing urban land records across India, specifically targeting 13 cities initially, with plans for broader implementation in the future.
Drone Destination – Contract Details
On 31 December 2024, Drone Destination announced that it is the exclusive drone service provider awarded this contract under the NAKSHA Pilot Programme, which falls under the Digital India Land Records Modernisation Programme (DILRMP) initiated by the Ministry of Rural Development. The project aims to create comprehensive land records in approximately 130 cities across various states and Union Territories within a year, eventually expanding to cover around 4,900 urban local bodies over five years.
Significance of the NAKSHA Project
The NAKSHA programme is designed to enhance the accuracy and accessibility of land records through advanced drone technology. By employing drones for surveys, the initiative seeks to digitize and streamline land management processes, thereby contributing to better governance and planning in urban areas. The Department of Land Resources (DoLR) has sanctioned this ambitious project, reflecting the government’s commitment to leveraging technology for efficient land administration.
Market Impact and Stock Performance
Following the announcement of this contract, Drone Destination’s stock experienced notable movement. On 31 December 2024, shares opened at INR 202.95, marking a 2.66% increase from the previous close. The stock peaked at INR 207.50 during trading hours, indicating strong investor confidence in the company’s prospects following this significant win.
Future Prospects
With this contract, Drone Destination not only strengthens its position in the geospatial sector but also aligns itself with national objectives aimed at improving land record systems through innovative technologies. The company has previously executed independent drone survey projects and has established itself as a reliable partner for various government initiatives, including significant collaborations with state governments across India.
In conclusion, Drone Destination’s successful bid for the NAKSHA Pilot Project contract marks a pivotal moment in its growth trajectory and underscores the increasing role of drone technology in urban planning and land management in India. As the project unfolds, it will be interesting to observe how it influences both the company’s operations and the broader landscape of urban development in India.
Drone Destination made its stock market debut on 21 July 2023, on the NSE Emerge platform, listing at a premium of 57.08%. Currently, the stock is trading at approximately INR 215 per share, representing a 3X return on investment. This remarkable performance has established Drone Destination as a multibagger stock in the SME landscape. For more information related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.
