Key Transaction Details

  • Suraj Estate Developers Limited's wholly owned subsidiary Iconic Property Developers Private Limited has signed a Memorandum of Understanding (MOU) for acquisition of development rights
  • The acquisition pertains to a plot of land admeasuring approximately 2,941 square meters located in Mahim (West)
  • The plot is contiguous to the company's ongoing commercial project Suraj One Business Bay
  • Total consideration for the development rights acquisition is ₹75.00 crores

Project Details and Financial Impact

  • Upon amalgamation with the existing commercial development, the plot is expected to generate additional saleable carpet area of approximately 1.50 lakhs square feet
  • The project has an estimated Gross Development Value (GDV) of ₹800 crores
  • The acquisition will expand the combined GDV of Suraj One Business Bay to in excess of ₹2,000 crores
  • The project is expected to strengthen the Company's near-to-medium term project pipeline

Strategic Rationale

  • The acquisition will consolidate the company's presence in its core market of South-Central Mumbai
  • Mahim is described as one of Mumbai's established micro-markets characterized by strong demand fundamentals, excellent connectivity, and proximity to key commercial districts such as Lower Parel, Worli and Bandra Kurla Complex
  • Management anticipates strong institutional and end-user interest driven by the project's design excellence and sustainability-led approach

Company Background

Suraj Estate Developers has been involved in the real estate business since 1986, developing properties across residential and commercial sectors in South Central Mumbai region. The company has completed 45+ projects with developed area of more than 16.09 lakh square feet, with 13 ongoing projects (developable area of 23.54 lakh square feet) and 18 upcoming projects (estimated sale carpet area of 12.12 lakh square feet).

Safe Harbor Statement

The document contains forward-looking statements subject to numerous risks and uncertainties, which are not necessarily predictive of future results. The company assumes no obligation to update forward-looking statements.