Suraj Estate Developers Limited has informed the Exchange regarding a press release dated August 25, 2025, titled "Press Release for acquisition of Land at Lower Parel, Mumbai".
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Awaiting price reaction for this filing.
Suraj Estate Developers has bought a 644 sq. meter land parcel (CS No. 178 / RK Mansion) on N.M. Joshi Marg, Lower Parel, Mumbai for ₹6.44 crores (including stamp duty and registration). This land will be merged with the company's upcoming Ambavat Bhavan project, creating a combined 1,310 sq. meter plot with an estimated saleable carpet area of 0.32 lakh sq. ft. The combined project is expected to have a Gross Development Value (GDV) of around ₹130 crores, featuring premium 1 and 2 BHK apartments in the value-luxury segment. The project will be developed under DCPR 2034 regulation 33(7), targeting South-Central Mumbai's micro-market of Lower Parel. The company continues its strategy of consolidating land through tenant negotiations and redevelopment in densely populated areas.
This acquisition strengthens Suraj Estate's pipeline in the prime Lower Parel micro-market and increases the project's scale by roughly doubling its GDV potential. For shareholders, it signals continued land bank expansion in a land-scarce area, though the ₹6.44 crore deal size is modest relative to the company's broader portfolio of 10 ongoing and 19 upcoming projects.