Home / Business and Economy / Suraj Estate Buys Mumbai Plot for ₹82.72 Crore

Suraj Estate Buys Mumbai Plot for ₹82.72 Crore

26 Sep

Summary

Iconic Property Developers acquired a Mahim plot for ₹82.72 crore.
The acquired plot is adjacent to an ongoing commercial project.
The development has an estimated gross development value of ₹800 crore.

Suraj Estate Developers has announced the acquisition of development rights for a significant plot in Mahim (West), Mumbai. The wholly owned subsidiary, Iconic Property Developers Private Limited, finalized the deal for a 2,941-square-metre plot. This strategic acquisition was completed with an investment of ₹82.72 crore.

The newly acquired land is contiguous to Suraj Estate's current commercial development, Suraj One Business Bay. Following its integration with the existing project, the plot is projected to contribute around 1.50 lakh square feet of saleable carpet area. The company estimates a gross development value (GDV) of approximately ₹800 crore for this additional development.

This acquisition is anticipated to significantly strengthen Suraj Estate Developers' near-to-medium-term project pipeline. Furthermore, it is expected to consolidate the company's market presence and influence within the South-Central Mumbai region. The disclosed GDV represents a potential value and not a reported profit from the transaction.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.