Suraj Estate Acquires Land in Mumbai for Rs 33 Crore
Apr 22, 2024 11:12
Suraj Estate Developers has acquired a 1,073 sq metres plot in Mumbai for Rs 33 crore to build a redevelopment project with an estimated GDV of Rs 120 crore.
New Delhi, Apr 22 (PTI) Realty firm Suraj Estate Developers Ltd has acquired a 1,073 square metres plot in Mumbai for Rs 33 crore to build a project.
In a regulatory filing on Monday, the company informed that it has "acquired a freehold plot of land admeasuring 1,073.42 square metres situated off Lady Jamshedji Road, Mahim (West), Mumbai for a total consideration of Rs 33.10 crores."
This is a redevelopment project. It entails the redevelopment of 7 tenants/occupants who have vacated their respective premises and the plot is rendered vacant.
After deducting the FSI (Floor Space Index) required for rehabilitating these tenants and the surplus area to be handed over to MHADA, Suraj Estate said the estimated balance carpet area available for sale is about 30,000 square feet with a Gross Development Value (GDV) of Rs 120 crore.
Commenting on this, Rahul Rajan Jesu Thomas, Whole Time Director, Suraj Estate Developers, said, "The acquisition enhances our sales potential by Rs 120 crores, strengthening both the company's project pipeline and its financial outlook."
Since incorporation, Suraj Estate Developers have completed 42 projects in the South-Central Mumbai region.
In addition to the completed projects, the company has 13 ongoing projects and 16 upcoming projects.
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