Suraj Estates acquires land for redevelopment project in Dadar, Mumbai

Suraj Estates has acquired a piece and parcel of land for an acquisition cost of Rs 8.53 crore plus an area of 2,200 sq ft to be handed over to land owners thus leading to total acquisition cost of Rs 18 crore (on the basis of acquisition cost plus stamp duty market value of area to be handed over to land owners plus stamp duty cost). The said plot is situated at G/North ward, Dadar (West), which 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.

Suraj Estate Developers intends to undertake redevelopment the plot of land with sale carpet area of ~ 0.18 lakhs sq ft with an estimated Gross Development Value (GDV) of approximately Rs 100 crore. The project is expected to strengthen the Company's near-to-medium term upcoming projects pipeline and further consolidate its presence in its core operating micro-market of South-Central Mumbai.