Suraj Estate Acquires Development Rights for Mahim Land Parcel, Eyes Rs 800 Crore GDV

Suraj Estate Developers Limited has announced that its wholly owned subsidiary, Iconic Property Developers Private Limited, has signed a Memorandum of Understanding to acquire development rights for a land parcel in Mahim (West), Mumbai, for a total consideration of Rs 75 crore.

The plot, measuring approximately 2,941 sq m, is contiguous to the company’s ongoing commercial project, Suraj One Business Bay. Following amalgamation with the existing development, the land is expected to generate an additional saleable carpet area of around 1.5 lakh sq ft.

The company estimates a Gross Development Value (GDV) of approximately Rs 800 crore from the expanded project.

Located in Mahim, one of Mumbai’s established real estate micro-markets, the site benefits from strong connectivity and proximity to key business districts such as Lower Parel, Worli and Bandra Kurla Complex.

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.”