+
Suraj Estate Subsidiary Acquires Development Rights in Mahim
Real Estate

Suraj Estate Subsidiary Acquires Development Rights in Mahim

Suraj Estate Developers Limited's wholly owned subsidiary Iconic Property Developers Private Limited has signed a memorandum of understanding to acquire development rights for a plot of land measuring 2,941 square metres adjoining its ongoing commercial project Suraj One Business Bay in Mahim (West). The acquisition was agreed for a total consideration of Rs 750 million (mn). The company indicated the plot purchase will expand its commercial footprint in the South-Central Mumbai market.

The site is contiguous to the existing development and on amalgamation is expected to yield an additional saleable carpet area of about 0.15 million (mn) square feet. Mahim was described as an established micro-market with strong demand fundamentals, connectivity and proximity to key commercial districts including Lower Parel, Worli and Bandra Kurla Complex. The acquisition is aimed at strengthening the near-to-medium term project pipeline and consolidating presence in the core market.

The combined development is estimated to deliver a gross development value of Rs eight billion (bn), and the company noted that the enlarged Suraj One Business Bay would have a combined GDV in excess of Rs 20 bn. Management indicated expectations of strong institutional and end-user interest driven by design quality and sustainability-led features. The move follows the company’s strategy of expanding commercial offerings in priority micro-markets.

Suraj Estate Development's record was summarised as having completed more than 45 projects with a developed area of about 1.609 million (mn) square feet in the South-Central region. The company reported 13 ongoing projects with a developable area of 2.354 million (mn) square feet and a saleable RERA carpet area of 0.755 million (mn) square feet, alongside 18 upcoming projects estimated to add 1.212 million (mn) square feet. The statement included a standard safe harbour note that forward-looking comments are subject to risks and uncertainties.

Suraj Estate Developers Limited's wholly owned subsidiary Iconic Property Developers Private Limited has signed a memorandum of understanding to acquire development rights for a plot of land measuring 2,941 square metres adjoining its ongoing commercial project Suraj One Business Bay in Mahim (West). The acquisition was agreed for a total consideration of Rs 750 million (mn). The company indicated the plot purchase will expand its commercial footprint in the South-Central Mumbai market. The site is contiguous to the existing development and on amalgamation is expected to yield an additional saleable carpet area of about 0.15 million (mn) square feet. Mahim was described as an established micro-market with strong demand fundamentals, connectivity and proximity to key commercial districts including Lower Parel, Worli and Bandra Kurla Complex. The acquisition is aimed at strengthening the near-to-medium term project pipeline and consolidating presence in the core market. The combined development is estimated to deliver a gross development value of Rs eight billion (bn), and the company noted that the enlarged Suraj One Business Bay would have a combined GDV in excess of Rs 20 bn. Management indicated expectations of strong institutional and end-user interest driven by design quality and sustainability-led features. The move follows the company’s strategy of expanding commercial offerings in priority micro-markets. Suraj Estate Development's record was summarised as having completed more than 45 projects with a developed area of about 1.609 million (mn) square feet in the South-Central region. The company reported 13 ongoing projects with a developable area of 2.354 million (mn) square feet and a saleable RERA carpet area of 0.755 million (mn) square feet, alongside 18 upcoming projects estimated to add 1.212 million (mn) square feet. The statement included a standard safe harbour note that forward-looking comments are subject to risks and uncertainties.

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code