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, Mr. 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.
About Suraj Estate Developers:
Suraj Estate Developers has been involved in the real estate business since 1986 and they develop real
estate across the residential and commercial sectors in South Central Mumbai region. Company has a
residential portfolio located in the markets of Mahim, Dadar, Prabhadevi and Parel, which are sub-
markets of the South-Central Mumbai micro market where they have established their presence.
Company is focused primarily on value luxury, luxury segments and commercial segments. Company is
now venturing into residential real estate development in Bandra sub-market.
The focus area of operation is the South-Central region in Mumbai mainly consisting of Mahim, Matunga,
Dadar, Prabhadevi and Parel, as their expertise lies is in the redevelopment of tenanted properties. Since
most of the land parcels in the South-Central Mumbai market are redevelopment projects, company’s
core competence lies in tenant settlement which is a key element for unlocking value of such land
parcels. Suraj Estate Developers identify properties having cessed/ non-cessed structures with existing
tenants and tie up with the landlords of such tenanted properties by entering into development
agreement or on outright purchase basis through conveyance deed.
Since incorporation, Suraj Estate Developers have completed 45+ projects with a developed area of more
than 16.09 lakh square feet in the South-Central Mumbai region. In addition to the completed Projects,
the company has 13 ongoing projects with a developable area of 23.54 lakh square feet and saleable
RERA carpet area 7.55 lakh square feet and 18 upcoming Projects with an estimated sale carpet area of
12.12 lakh square feet.
