Suraj Estate Developers Acquires Land Parcel In Mumbai’s Mahim Area For Rs 101 Crore
The Mahim land acquisition adds to Suraj Estate Developers' portfolio, enabling plans to integrate with an adjacent plot for a composite commercial building targeting corporate clients.
Suraj Estate Developers Ltd. on Wednesday said that it has purchased a vacant land parcel in Mumbai’s Mahim area for Rs 101 crore. The company has fully paid the entire sum, including stamp duty and registration charges.
The Mumbai-based company acquired the 1,464-square-metre (approximately 15,758 square feet) plot, located on the Senapati Bapat Marg, through its wholly owned subsidiary, Iconic Property Developers Pvt. via a conveyance deed, according to an exchange filing.
The real estate player—with 18 upcoming projects spread across 9.01 lakh square feet—plans to develop a commercial building with an estimated RERA carpet area of 1.03 lakh square feet and a gross development value of about Rs 525 crore on the newly acquired plot.
As the newly acquired land parcel is strategically positioned adjacent to a previously acquired vacant plot, Suraj Estate Developers may club them so as “to develop a composite commercial building with larger floor plates to meet the growing demand of corporate clients,” its press release stated.
According to the company's promoter and wholetime director, Rahul Thomas, "This move not only reinforces our commitment to addressing the rising demand for modern, flexible office spaces but also underscores our vision of offering integrated solutions in both residential and commercial real estate sectors.”
For the second quarter of the current fiscal year, the real estate player had reported a net profit of Rs 31.8 crore, which was an 88% increase over the figure posted for the same quarter last year.
In October, Rahul Thomas had told NDTV Profit that the company is very confident of achieving its Rs 850-crore presales guidance for FY25. The real estate player has stated that it plans to launch projects worth Rs 1,150 crore in the second half of the current financial year.
Shares of Suraj Estate Developers Ltd. closed 0.87% lower at Rs 673.30 apiece on the BSE, compared to a 0.14% advance in the benchmark Sensex.
