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Suraj Estate Developers has acquired a plot of freehold land measuring approximately 1,073.42 square meters in Mahim West, Mumbai for a total cost of INR 33.10 crore. The freehold plot is located off Lady Jamshedji Road, Mahim (West), Mumbai.
After accounting for the floor space index (FSI) required to rehabilitate the said tenants/occupants and additional area to be handed over to MHADA, the estimated saleable carpet area available is approximately 2,787 square meters (30,000 square feet) with a gross development value (GDV) of INR 120 crores.
Recently, the company had amicably settled a pending litigation with OLV & OLPS Society. It had also filed consent terms enabling the development of a property measuring 7,625.73 square meters. As per the consent terms, the company agreed to pay a consideration of approximately INR 47 crores to the landowner and provide additional flats measuring around 3,300 square meters (~35,500 sq ft) to OLV & OLPS Society. This leaves the company with a saleable built-up area of 10,813.63 square meters (~1,16,400 sq ft) including fungible FSI, amounting to a GDV of INR 350 crores.
Alongside this, the company won the bid to obtain development rights over a land parcel measuring 4,790.76 square meters (51,500 sq ft) with five existing buildings occupied by 108 tenants/occupants. The estimated FSI to be consumed for rehousing is 6,688.90 square meters (~72,000 sq ft) and after handing over additional area to MHADA, the minimum saleable built-up area available to the company is estimated to be 6,467.52 square meters (70,000 sq ft) with a GDV of INR 225 crores.
The Mumbai-headquartered real estate developer debuted on stock exchanges on December 26, 2023, following the successful completion of a INR 400 crore initial public offering (IPO). In January, 2024, Suraj Estate Developers announced the utilisation of INR 285 crores from IPO funds to fully repay outstanding loans of the company and its subsidiaries ? Accord Estates Private Limited, Iconic Property Developers Private Limited and Skyline Realty Private Limited.
Suraj Estates is one of the prominent developers in Mumbai Metropolitan Region (MMR) focusing on the Central and Southern regions. Its real estate portfolio is spread across premium localities such as Prabhadevi, Parel, Dadar, Mahim, etc. Suraj Estates has 35 years of experience and has delivered over 10 lakh square feet in residential and commercial developments. They have developed custom building spaces for major institutions such as the Clearing Corporation of India, National Stock Exchange of India, and Union Bank of India.
Suraj Estate Developers is strengthening its position as a leading real estate developer in Mumbai through ongoing project expansion and land acquisitions. The recent acquisitions provide significant development potential and will add over INR 500 crores to the company's top and bottom lines over the next few years. This reflects the company's focus on identifying high-potential redevelopment opportunities to grow its business.
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