Mumbai-based real estate developer Suraj Estate Developers has purchased a vacant land parcel in Mahim for Rs 101 crore. The plot, measuring 1,464 square meters, is expected to offer approximately 1.03 lakh square feet of Real Estate (Regulation and Development) Act (RERA) carpet area.
Key Highlights
1. Strategic Location: The land is situated adjacent to another plot previously acquired by the company for commercial development.
2. Combined Development: The two plots will total about 3,000 square meters, with an estimated saleable area of 2.1 lakh square feet and a Gross Development Value (GDV) of Rs 1,000 crore.
3. Excellent Connectivity: The location boasts nearby railway stations, the upcoming metro line, and a new flyover linking Senapati Bapat Marg to the Western Express Highway.
Suraj Estate Developers’ share price jumped 5% in early trade on Thursday after the company announced the land acquisition. The company is on track to achieve its Rs 850-crore pre-sales guidance for the financial year 2025.
“This acquisition fulfils the objectives of the funds raised through issue of equity shares and share warrants on preferential basis amounting to Rs.343 crore. Our operational performance in the last quarter has also been exceptional, marked by a 14% increase in sales volume and a 10% rise in sales realization. Looking to the growing demand for commercial spaces given the strategic location of the land, we are confident about the success of the project,” said Rahul Thomas, Executive Director, Suraj Estate Developers.
Suraj Estate Developers has delivered 42 prestigious projects and currently has 13 ongoing projects with a total developable area of over 20.3 lakh square feet. Additionally, the company has 18 upcoming projects, set to add approximately 9 lakh square feet of premium living and commercial space to its growing portfolio.
