Suraj Estate acquires prime land for luxury project in Mumbai

Suraj Estate Developers said that it has acquired a land parcel measuring 390 square meters (4,200 square feet) at Shivaji Park, Dadar, Mumbai, for a total consideration of Rs 4.75 crore, fully paid, including stamp duty and registration charges.

The company plans to develop a luxury residential project on this site, leveraging FSI benefits and clubbing schemes under DCPR 2034, with an estimated gross development value (GDV) of Rs 80 crore.

The project will feature 2 BHK and 3 BHK apartments, strategically located near the upcoming Siddhivinayak Metro Station. It aims to meet the demand for luxury living and enhance the companys footprint in the real estate sector.

Rahul Thomas, promoter and whole-time director of Suraj Estate Developers, said, This strategic acquisition aligns with our vision to create exceptional luxury living spaces in prime locations. We are confident that this project will meet the evolving needs of discerning buyers and contribute to the development of the Shivaji Park area.

As we continue to expand our footprint in the real estate sector, we remain committed to delivering world-class residential projects that offer both value and unmatched living experiences for our customers.

Suraj Estate Developers has been involved in the real estate business since 1986, and the company develops real estate across the residential and commercial sectors in the South Central Mumbai region. The 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.

The company has reported a 20.5% jump in consolidated net profit to Rs 19.98 crore in Q3 FY25 from Rs 16.58 crore posted in Q3 FY24. Total income rose by 60.3% year-over-year (YoY) to Rs 169.85 crore in the third quarter of FY25.

Shares of Suraj Estate Developers rose 0.53% to Rs 292 on the BSE.

Powered by Capital Market - Live News