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Suraj Estate Developers has finalized the acquisition of Hally Pacific Private Limited, securing a prime land parcel in Prabhadevi, Mumbai, for approximately INR 30.40 crore. The company plans a residential project with around 0.367 lakh sq ft of saleable area and an estimated GDV of INR 200 crore. This addition strengthens their South-Central Mumbai project portfolio, leveraging strong demand and connectivity in Prabhadevi. With a legacy of over 45 completed projects and ongoing expertise in tenanted property redevelopment, Suraj Estate Developers aims to enhance revenue visibility and long-term value for stakeholders.
Suraj Estate Developers Limited, a prominent real estate developer in South-Central Mumbai, has completed the acquisition of 100% shares of Hally Pacific Private Limited. The acquired company holds a strategically located vacant land parcel at Sayani Road, Prabhadevi, Mumbai. The deal was finalized following a Share Purchase Agreement executed earlier this week for approximately INR 30.40 crore, making Hally Pacific a wholly owned subsidiary of Suraj Estate Developers. Advertisement
The land measures around 717.39 square meters in Prabhadevi, a well-established micro-market in Mumbai known for strong demand, excellent connectivity, and proximity to major commercial hubs like Lower Parel and Worli. Suraj Estate Developers plans to develop the site into a residential project with an estimated saleable carpet area of roughly 0.367 lakh sq ft, targeting a Gross Development Value (GDV) of around INR 200 crore. The project is expected to enhance the company's near-to-medium-term project pipeline and reinforce its presence in South-Central Mumbai.
Rahul Thomas, Whole-time Director at Suraj Estate Developers, stated that this acquisition represents a strategic step in strengthening their development portfolio in core South-Central Mumbai markets. He highlighted that the Prabhadevi area continues to exhibit strong demand supported by robust infrastructure and connectivity. He also mentioned that the project, with an estimated GDV of INR 200 crore, would enhance the company's upcoming project portfolio and improve medium-term revenue visibility. The company remains focused on disciplined growth, selective acquisitions, and efficient execution, while actively evaluating additional opportunities aligned with its strategic vision. Thomas emphasized that the project is expected to create long-term value for stakeholders and further solidify the company's position in the South-Central Mumbai development landscape.
Suraj Estate Developers, operational since 1986, has primarily developed residential and commercial properties across South-Central Mumbai, including Mahim, Dadar, Prabhadevi, and Parel. The company specializes in value-luxury and luxury residential projects as well as commercial developments. It has recently started exploring residential development opportunities in the Bandra sub-market. Their expertise focuses on redevelopment of tenanted properties, which is crucial in South-Central Mumbai where many parcels are under redevelopment. Suraj Estate Developers typically acquires properties with existing tenants through development agreements or outright purchase, ensuring tenant settlements a key factor for unlocking the potential of such lands.
Since its inception, the company has completed over 45 projects covering more than 16.09 lakh sq ft. Currently, it has 13 ongoing projects with a developable area of 23.54 lakh sq ft and saleable RERA carpet area of 7.55 lakh sq ft, along with 17 upcoming projects totaling an estimated saleable carpet area of 11.94 lakh sq ft.
Source PTI
FAQ
1. What property has Suraj Estate Developers acquired in Mumbai?
Suraj Estate Developers has acquired 100% shares of Hally Pacific Private Limited, which owns a strategically located vacant land parcel at Sayani Road, Prabhadevi, Mumbai. The acquisition was completed for approximately INR 30.40 crore, making Hally Pacific a wholly owned subsidiary of the company.
2. What are the plans for the acquired land?
The company plans to develop a residential project on the 717.39 sq meter land parcel, with an estimated saleable carpet area of 0.367 lakh sq ft and a Gross Development Value (GDV) of around INR 200 crore. The project aims to enhance Suraj Estate Developers medium-term project pipeline and revenue visibility.
3. Why is Prabhadevi considered a strategic location?
Prabhadevi is a well-established micro-market in South-Central Mumbai known for strong residential demand, excellent connectivity, and proximity to commercial hubs like Lower Parel and Worli. These factors support higher project absorption and long-term value creation.
4. How does this acquisition fit Suraj Estate Developers strategy?
The acquisition aligns with the company's strategy of strengthening its portfolio in core South-Central Mumbai markets, focusing on selective high-potential properties. The company leverages its expertise in tenanted property redevelopment to unlock value in prime urban locations.
5. What is Suraj Estate Developers track record?
Since its inception in 1986, Suraj Estate Developers has completed over 45 residential and commercial projects covering more than 16.09 lakh sq ft. It currently has 13 ongoing projects with a developable area of 23.54 lakh sq ft and 17 upcoming projects totaling an estimated 11.94 lakh sq ft of saleable area.
6. What benefits does the acquisition bring to the company and stakeholders?
The project is expected to enhance revenue visibility, strengthen the South-Central Mumbai development portfolio, and create long-term value for stakeholders. It reinforces the company's position in prime markets while supporting disciplined growth and efficient project execution.
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