According to reports from CNBC TV18, Suraj Estate Developers Ltd has acquired a land parcel in Dadar (West), Mumbai, for an estimated total acquisition cost of around ₹18 crore. The acquisition cost includes ₹8.53 crore towards the land purchase, along with an additional 2,200 square feet area to be handed over to the landowners as part of the transaction structure. The land is located in G/North ward, Dadar (West), a Mumbai micro-market known for established demand fundamentals, connectivity, and proximity to commercial hubs including Lower Parel, Worli and the Bandra Kurla Complex.
As reported by CNBC TV18, Suraj Estate Developers plans to redevelop the acquired plot into a residential project with a saleable carpet area of approximately 0.18 lakh square feet. The project is estimated to have a gross development value (GDV) of around ₹100 crore. The company stated that the redevelopment project is expected to add to its near-to-medium-term project pipeline and further strengthen its presence in its core operating micro-market of South-Central Mumbai.
According to CNBC TV18, shares of Suraj Estate Developers Ltd ended at ₹226.60, up by ₹8.80, or 4.04%, on the BSE following the announcement. The positive market reaction reflects investor confidence in the company's strategic expansion into the South-Central Mumbai market through this acquisition.
