Press Release for acquisition of development rights
SURAJEST · price
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Suraj Estate Developers Limited, through its wholly owned subsidiary Iconic Property Developers Private Limited, has signed an MOU to acquire development rights for a prime land parcel of approximately 2,941 square meters in Mahim (West). The land is contiguous to their ongoing commercial project Suraj One Business Bay. The total acquisition consideration is ₹75.00 crores. The acquisition will add about 1.50 lakh square feet of saleable carpet area with an estimated Gross Development Value (GDV) of ₹800 crores. With this acquisition, the combined GDV of Suraj One Business Bay will exceed ₹2,000 crores, strengthening the company's near-to-medium term project pipeline in its core South-Central Mumbai market.
This acquisition expands Suraj Estate's commercial footprint in Mumbai and significantly increases its project pipeline. The combined Suraj One Business Bay project crossing ₹2,000 crore GDV signals strong growth potential and could be positive for the stock, given the strategic location and institutional demand outlook.