Suraj Estate Developers Limited, a leading real estate developer in South Central Mumbai, through its wholly-owned subsidiary Iconic Property Developers Private Limited has signed a Memorandum of Understanding (MOU) for acquisition of development rights in respect of a plot of land admeasuring ~ 2,941 square meters contiguous to our ongoing commercial project – Suraj One Business Bay – situated at Mahim (West) for a total consideration of ₹ 75.00 crores.

Mahim is one of Mumbai’s established micro-markets characterized by strong demand fundamentals, excellent connectivity, and proximity to key commercial districts such as Lower Parel, Worli and Bandra Kurla Complex. The said plot upon amalgamation with the existing commercial development is expected to generate additional saleable carpet area of about 1.50 lakhs square feet with estimated GDV of ₹800 crores. The project is expected to strengthen the Company’s near-to-medium term project pipeline and consolidate its presence in its core market of South-Central Mumbai.

Commenting on the update, Rahul Thomas, Whole-time Director, Suraj Estate Developers, said, “The acquisition being contiguous to the ongoing Suraj One Business Bay will expand the company’s commercial footprint in South Central Mumbai. With this acquisition the combined GDV of Suraj One Business Bay will be in excess of ₹2,000 crores. Given the vantage position and connectivity of the said project, we anticipate strong institutional and end-user interest, driven by the project’s design excellence, and its sustainability-led approach.”