Suraj Estate Developers acquires freehold plot in Mumbai with gross development value of ₹120 crore

Suraj Estate Developers announced on Monday the company has acquired a freehold plot of land admeasuring about 1,073.42 square metres situated off Lady Jamshedji Road, Mahim (West) in Mumbai for a total consideration of ₹33.10 crore.

The company stated it’s a redevelopment project which entails redevelopment of seven tenants/occupants who have vacated their respective premises and the plot has been rendered vacant.

Suraj Estate Developers pointed out that after deducting the floor space index (FSI) required for rehabilitating the said tenants/occupants of the property and surplus area to be handed over to Maharashtra Housing and Area Development Authority (MHADA), the estimated balance carpet area available for sale stands at about 2,787 square metres (30,000 square feet) with a gross development value (GDV) of ₹120 crore.

Rahul Rajan Jesu Thomas, Whole Time Director of Suraj Estate Developers said the acquisition enhances the company’s sales potential by ₹120 crore, strengthening its project pipeline and its financial outlook.

Recently the company had announced that it amicably settled a pending litigation with OLV and OLPS Society.

The company had said it filed consent terms enabling the development of a property admeasuring 7,625.73 square metres. As per the consent terms, the company agreed to pay to the landowner a consideration of about ₹47 crore and additional flats to OLV and OLPS Society which admeasures about 3,300 square metres.

Suraj Estate Developers develops real estate across the residential and commercial sectors in south central Mumbai region. The company has a residential portfolio located in the markets of Mahim, Dadar, Prabhadevi and Parel.

Since incorporation, the company has completed 42 projects with a developed area of more than 10.46 lakh square feet in the south-central Mumbai region. In addition to the completed projects, the company has 13 ongoing projects with a developable area of 20.34 lakh square feet, according to a release.

Shares of Suraj Estate Developers have risen nearly 11% since the beginning of the year. The stock has recorded just over 9% gain in the last one year.