Suraj Estate Developers Ltd amicably settles legal dispute with OLV & OLPS society

Suraj Estate Developers Limited, a leading real estate player focused on South Central Mumbai (SCM) market with specialisation in redevelopment projects has amicably settled a pending litigation with OLV & OLPS Society.

It has also filed consent terms enabling the development of property bearing F.P.557 of TPS III, Mahim Division admeasuring 7,625.73 square meters of thereabouts.

As per the consent terms, the company agreed to pay to the landowner a consideration of ~Rs. 47 Crores and additional flats to OLV & OLPS Society which admeasures ~3,300 square meters (~35,500 Sq. Ft).

This leaves the company with built-up area of 10,813.63 square meters (~1,16,400 Sq. Ft.) including fungible FSI for sale amounting to a GDV of Rs 350 crores.

Alongside this, the Company won a bid for obtaining Development Rights of Land Component admeasuring 4,790.76 square meters (~51,500 Sq. Ft.) with Five existing Buildings thereon in the occupation of 108 tenants/occupants. The FSI to be consumed for rehousing the 108 existing tenants/occupants of the said Five Buildings is estimated to be 6,688.90 square meters (~72,000 Sq. Ft.) and after handing over surplus area to MHADA, the balance built-up area for sale available to the Company is estimated to be a minimum of 6,467.52 square meters (~70,000 Sq. Ft.) with a GDV of ~Rs 225 crores.

Commenting on this, Mr. Rahul Thomas, Whole Time Director, Suraj Estate Developers Limited, said, "We are delighted to announce an amicable resolution to this longstanding litigation matter. This favourable resolution marks a significant milestone for the company and underscores its commitment to excellence in the real estate sector. The settlement provides us with a sales potential of Rs 350 crores. Additionally, the redevelopment of five buildings is projected to yield Rs 225 crores, further bolstering the company's financial prospects. At Suraj, we are committed to delivering worldclass luxury projects that exceed expectations. With a track record of delivering premium projects, we are poised for continued success and growth in the real estate industry".

Shares of Suraj Estate Developers Limited was last trading in BSE at Rs. 346.80 as compared to the previous close of Rs. 334.50. The total number of shares traded during the day was 24101 in over 916 trades.

The stock hit an intraday high of Rs. 352.75 and intraday low of 331.30. The net turnover during the day was Rs. 8306319.00.

Source : Equity Bulls

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