Suraj Estate Developers said that its wholly owned subsidiary, Iconic Property Developers has acquired a vacant parcel of land admeasuring approximately 1,464 square meters situated at Mahim, Mumbai for total consideration of Rs 101 crore.
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 Rs 525 crore.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.
Rahul Thomas, promoter and whole-time director of Suraj Estate Developers, said, This acquisition marks a significant milestone in our efforts to expand our footprint in Mumbais 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 solutions in both residential and commercial real estate sectors.
Suraj Estate Developers has been involved in the real estate business since 1986 and the company develops real estate across the residential and commercial sectors in South Central Mumbai region. The company has a residential portfolio located in the markets of Mahim, Dadar, Prabhadevi and Parel, which are sub-markets of the South-Central Mumbai micro market.
The company has reported 88.1% jump in consolidated net profit to Rs 31.8 crore in Q2 FY25 from Rs 16.9 crore posted in Q2 FY24. Total income rose by 5.7% year-over-year (YoY) to Rs 109.6 crore in the second quarter.
The counter shed 0.87% to end at Rs 673.30 on Wednesday, 4 December 2024 on the BSE.
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