Suraj Estate Developers, a prominent real estate developer focused on South-Central Mumbai (SCM), has announced the acquisition of a vacant land parcel at Senapati Bapat Marg, Mahim West, for Rs 101 crores. The newly acquired plot spans approximately 1,464 square meters and is expected to yield a RERA Carpet area of 1.03 lakh square feet upon development.
This acquisition is part of Suraj Estate Developers’ ongoing expansion strategy, as the land is situated adjacent to another vacant plot previously acquired by the company. The two plots, once combined, will cover around 3,000 square meters and are projected to offer a total RERA Carpet area of 2.10 lakh square feet. The estimated Gross Development Value (GDV) for the combined project is approximately Rs 1,000 crores.
Located in the heart of Mumbai, the plot offers excellent connectivity, with proximity to railway stations, an upcoming metro line, and a new flyover that will connect Senapati Bapat Marg to the Western Express Highway, ensuring seamless commuting.
Rahul Thomas, Executive Director of Suraj Estate Developers, commented on the acquisition, stating, “This acquisition aligns with the objectives of the funds raised through the preferential issue of equity shares and share warrants amounting to Rs. 343 crores. Our operational performance in the last quarter has been exceptional, with a 14% increase in sales volume and a 10% rise in sales realization. Given the growing demand for commercial spaces in such a strategic location, we are confident in the success of the project.”
Suraj Estate Developers has seen strong financial growth, with an 88% surge in Profit After Tax (PAT) and a 26% year-on-year (Y-O-Y) increase in pre-sales for Q2FY25. The company also reported a 89% Y-O-Y growth in collections for Q2FY25, driven by increased sales from its commercial project, CCIL.
Also Read: Century Real Estate Reports Strong Growth Amid Rising Demand for Luxury Properties in Bengaluru
