Suraj Estate Developers, through its wholly owned subsidiary Iconic Property Developers, has signed a Memorandum of Understanding (MoU) for acquisition of development rights in respect of a plot of land admeasuring around 2,941 square meters contiguous to its ongoing commercial project Suraj One Business Bay situated at Mahim (West) for a total consideration of Rs 75.00 crore.
Mahim is one of Mumbai’s established micro-markets characterized by strong demand fundamentals, excellent connectivity, and proximity to key commercial districts such as Lower Parel, Worli and Bandra Kurla Complex.
The said plot upon amalgamation with the existing commercial development is expected to generate additional saleable carpet area of about 1.50 lakh square feet with estimated GDV of Rs 800 crore. The project is expected to strengthen the company’s near-to-medium term project pipeline and consolidate its presence in its core market of South-Central Mumbai.
Suraj Estate Developers builds and develops real estate, with a focus on best-in-class collaborations and client assurance.
