Suraj Estate arm acquires land in Mumbai for ₹101 crore for commercial building

Realty firm Suraj Estate Developers Ltd on Wednesday (December 4) said it has expanded its portfolio with the acquisition of a vacant parcel of land located at Senapati Bapat Marg, Mahim (W), Mumbai.

Through its wholly-owned subsidiary, Iconic Property Developers Private Limited, SEDL has purchased the 1,464 square metre (15,758 square feet) plot for ₹101 crore. The full consideration, along with stamp duty and registration charges, has been paid.

"...we wish to inform that Iconic Property Developers Private Limited, a wholly-owned subsidiary of the Company has purchased through a Conveyance Deed a vacant parcel of land admeasuring 1,464 square meters (15,758 square feet) situated at Senapati Bapat Marg, Mahim (W), Mumbai- 400016 at and for a consideration of ₹101.00 crore," Suraj Estate Developers said in a regulatory filing.

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The newly-acquired land will be developed into a commercial building, with an expected RERA carpet area of 1.03 lakh square feet. The project is projected to have a gross development value (GDV) of approximately ₹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.

Shares of Suraj Estate Developers Ltd ended at ₹673.30, down by ₹5.90, or 0.87%, on the BSE.

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