Suraj Estate Developers Ltd acquires freehold land admeasuring ~ 1,073 square meters with GDV of ~Rs. 120.00 Crores

Suraj Estate Developers Limited, a leading real estate player focused on South Central Mumbai (SCM) market has acquired freehold plot of land admeasuring ~ 1,073.42 square meters situated off Lady Jamshedji Road, Mahim (West), Mumbai for a total consideration of Rs. 33.10 Crores. The project is a redevelopment project which entails redevelopment of 7 tenants/occupants who have vacated their respective premises and the plot is rendered vacant. After deducting the FSI required for rehabilitating the said tenants / occupants of the property and surplus area to be handed over to MHADA, the estimated balance carpet area available for sale is about 2,787 square meters (30,000 sq. ft.) with a GDV of Rs. 120 crores.

Commenting on this, Mr. Rahul Rajan Jesu Thomas, Whole Time Director, Suraj Estate Developers Limited, said, "The acquisition enhances our sales potential by Rs 120 crores, strengthening both the company's project pipeline and its financial outlook. At Suraj, our dedication lies in delivering world class luxury projects that surpass expectations. With a proven history of delivering top-tier projects, we are primed for ongoing success and expansion within the real estate sector".

Shares of Suraj Estate Developers Limited was last trading in BSE at Rs. 364.80 as compared to the previous close of Rs. 363.55. The total number of shares traded during the day was 33476 in over 1630 trades.

The stock hit an intraday high of Rs. 371.10 and intraday low of 354.25. The net turnover during the day was Rs. 12160921.00.

Source : Equity Bulls

Keywords

SurajEstateDevelopers Residential Commercial INE843S01025 LandPurchase MahimWest Mumbai