Suraj Estate Developers has acquired freehold land admeasuring about 1,073.42 sq meters situated off Lady Jamshedji Road, Mahim (West), Mumbai for a total consideration of Rs 33.10 crore.This is a redevelopment project which entails redevelopment of seven tenants/occupants who have vacated their respective premises and the plot is rendered vacant.Rahul Rajan Jesu Thomas, whole time director of the company said, “The acquisition enhances our sales potential by Rs 120 crores, strengthening both the company’s project pipeline and its financial outlook.
“After deducting the FSI required for rehabilitating the said tenants / occupants of the property and surplus area to be handed over to MHADA, the estimated balance carpet area available for sale is about 2,787 sq meters (30,000 sq ft) with a gross development value (GDV) of Rs 120 crore.
Recently, the company had amicably settled a pending litigation with OLV & OLPS Society. It had also filed consent terms enabling the development of property bearing F.P.557 of TPS III, Mahim Division admeasuring 7,625.73 sq meters of thereabouts.
As per the consent terms, the company agreed to pay to the landowner a consideration of about Rs 47 crore and additional flats to OLV & OLPS Society which admeasures ~3,300 sq meters (~35,500 sq ft).
This leaves the company with built-up area of 10,813.63 sq meters (~1,16,400 sq ft) including fungible FSI for sale amounting to a GDV of Rs 350 crore.
Alongside this, the company won a bid for obtaining development rights of land component admeasuring 4,790.76 sq meters (~51,500 sq ft) with five existing buildings thereon in the occupation of 108 tenants/occupants. The FSI to be consumed for rehousing is estimated to be 6,688.90 sq meters (~72,000 sq ft) and after handing over surplus area to MHADA, the balance built-up area for sale available to the company is estimated to be a minimum of 6,467.52 sq meters (~70,000 sq ft) with a GDV of ~Rs 225 crore.