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• Suraj Estate Developers, through its wholly owned subsidiary Iconic Property Developers, has signed an MoU to acquire development rights for a 2,941 sq m land parcel in Mahim (West), Mumbai.
• The acquisition involves a consideration of INR 75 crore and concerns land adjoining the company's ongoing commercial project, Suraj One Business Bay.
• Following amalgamation with the existing development, the parcel is expected to generate an additional saleable carpet area of around 1.50 lakh sq ft.
• The expanded project is estimated to have a gross development value (GDV) of about INR 800 crore, taking the combined GDV of Suraj One Business Bay to more than INR 2,000 crore.
• The transaction is expected to strengthen Suraj Estate's commercial pipeline in South-Central Mumbai and reinforce its presence in the Mahim micro-market.
Suraj Estate Developers Limited has signed a memorandum of understanding (MoU) to acquire development rights for a land parcel measuring approximately 2,941 square metres in Mahim (West), Mumbai, through its wholly owned subsidiary, Iconic Property Developers Private Limited. Announced on June 1, the acquisition pertains to a site adjoining the company's ongoing commercial development, Suraj One Business Bay, and involves a total consideration of INR 75 crore.
The acquired plot is contiguous to the existing commercial project and is expected to be amalgamated with the ongoing development. Upon integration, the additional land is projected to generate around 1.50 lakh sq ft of saleable carpet area. The company estimates that the newly added component will have a gross development value of approximately INR 800 crore.
Located in Mahim, one of Mumbai's established real estate micro-markets, the site benefits from connectivity to key commercial and business districts including Lower Parel, Worli and Bandra Kurla Complex. The locality has remained a preferred destination for both commercial occupiers and investors due to its strategic location and transport links across the city.
Rahul Thomas, Whole-time Director of Suraj Estate Developers, stated that the acquisition would expand the company's commercial footprint in South-Central Mumbai, given its adjacency to the ongoing Suraj One Business Bay development. He further indicated that the transaction would increase the combined gross development value of Suraj One Business Bay to more than INR 2,000 crore. According to the company, the project's location, connectivity, design attributes and sustainability-focused features are expected to support demand from institutional buyers as well as end users.
The acquisition forms part of Suraj Estate's strategy of expanding within its core South-Central Mumbai market. The developer has historically focused on residential and commercial projects in Mahim, Dadar, Prabhadevi, Parel and adjoining areas, while recently extending its residential development activities into Bandra.
Established in 1986, Suraj Estate Developers specialises in redevelopment-led projects, particularly those involving tenanted properties across South-Central Mumbai. The company stated that its expertise lies in tenant settlement and redevelopment of cessed and non-cessed structures, enabling it to unlock development potential in land-constrained urban locations through development agreements and outright acquisitions.
Since its incorporation, the developer has completed more than 45 projects spanning over 16.09 lakh sq ft of developed area in South-Central Mumbai. In addition to its completed portfolio, the company currently has 13 ongoing projects with a developable area of 23.54 lakh sq ft and a saleable RERA carpet area of 7.55 lakh sq ft. It also has 18 upcoming projects with an estimated saleable carpet area of 12.12 lakh sq ft.
Source - PTI
5th Jun, 2025
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