Suraj Estate Developers Ltd expands portfolio with Vacant Land Acquisition in Mahim West

Suraj Estate Developers Limited (SEDL), a leading real estate developer of South Central Mumbai, through its wholly-owned subsidiary Iconic Property Developers Private Limited, has acquired through Conveyance a vacant parcel of land admeasuring ~ 1,464 square meters (~15,758 square feet) situated at Senapati Bapat Marg, Mahim (W), Mumbai - 400016, for a consideration of INR 101.00 Crores. The entire consideration along with stamp duty and registration charges has been fully paid. The project envisions the development of a commercial building with an estimated RERA carpet area of 1.03 lakhs square feet with a gross development value (GDV) of around 525 crores.

The newly acquired land parcel is strategically positioned adjacent to a previously acquired vacant plot, intended for the development of a commercial building. The amalgamation of these two plots, will enable the development of a composite commercial building with larger floor plates to meet the growing demand of corporate clients.

Mr. Rahul Thomas, Promoter and Whole-Time Director of Suraj Estate Developers Limited, said, "This acquisition marks a significant milestone in our efforts to expand our footprint in Mumbai's rapidly growing commercial real estate sector. With the strategic positioning of the newly acquired land, we are well-placed to develop high-quality, build-to-suit office spaces tailored to meet the specific needs of corporate clients. 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 soluƟons in both residential and commercial real estate sectors."

Shares of Suraj Estate Developers Limited was last trading in BSE at Rs. 673.30 as compared to the previous close of Rs. 679.20. The total number of shares traded during the day was 2199 in over 196 trades.

The stock hit an intraday high of Rs. 691.70 and intraday low of 668.45. The net turnover during the day was Rs. 1497207.00.

Source : Equity Bulls

Keywords

SurajEstateDevelopers Residential Commercial INE843S01025 IconicPropertyDevelopers LandAcquisition MahimWest