Project News Detail
| Project No : | 206456 |
|---|---|
| Project Title : | Suraj Estate acquires development rights for Mahim land parcel |
| Company Name : | Private Company |
| Project Detail : | Suraj Estate Developers, through its wholly owned subsidiary Iconic Property Developers has acquired development rights for a prime land parcel in Mahim (West), Mumbai through a memorandum of understanding (MoU). The land measures approx. 2,941 sq. mtrs. and is located adjacent to the company’s ongoing commercial project, Suraj One Business Bay. The acquisition has been made for a total consideration of Rs 75 crore and is expected to significantly enhance the project’s scale and value. Upon amalgamation with the existing development, the combined project is projected to generate an additional saleable carpet area of around 1.50 lakh sq. ft. The estimated gross development value (GDV) of the expanded project stands at approx. Rs 800 crore. Mahim (West) is a well-established micro-market in Mumbai, known for strong demand fundamentals, superior connectivity, and proximity to major commercial hubs such as Lower Parel, Worli, and the Bandra Kurla Complex. Suraj Estate Developers, active in real estate since 1986, operates primarily in the residential and commercial segments across South-Central Mumbai. This strategic acquisition is expected to strengthen the company’s near- to medium-term project pipeline, improve scale efficiencies, and reinforce its presence in its core operating market. The deal also reflects continued momentum in Mumbai’s premium commercial real estate segment. Commenting on the update, Rahul Thomas, Whole-time Director, Suraj Estate Developers, said, "The acquisition being contiguous to the ongoing Suraj One Business Bay will expand the Company’s commercial footprint in South Central Mumbai. With this acquisition the combined GDV of Suraj One Business Bay will be in excess of ? 2,000 crores. Given the vantage position and connectivity of the said project, we anticipate strong institutional and end-user interest, driven by the project’s design excellence, and its sustainability-led approach." |
| Project Location : | Mumbai - Maharashtra - India |
| Project Estimation : | Refer Document |
| Status : | Announced |