Suraj Estate Developers has recently procured a freehold plot spanning 1,073.42 square meters in Mahim West, Mumbai, investing Rs 33.10 crore in the acquisition. Situated just off Lady Jamshedji Road in Mahim, this project involves the redevelopment of seven premises previously occupied by tenants who have since vacated.
Following the redevelopment, an estimated balance carpet area of approximately 2,787 square meters (equivalent to 30,000 square feet) will be available for sale. This area carries a gross development value (GDV) of Rs 120 crore, factoring in deductions for the floor space index (FSI) required for rehabilitating the former occupants and the surplus space designated for MHADA.
Suraj Estate Developers specializes in real estate ventures across both residential and commercial sectors, particularly in the South Central Mumbai (SCM) region. The company’s expertise lies in effectively managing tenant settlements to maximize the value of land parcels. Their focus remains on delivering value luxury, luxury, and commercial properties.
This acquisition significantly bolsters the company’s project pipeline and financial standing. Currently, Suraj Estate Developers boasts 13 ongoing projects covering a developable area of 2,034,434.40 square feet, with a saleable RERA carpet area of 6,09,928 square feet. Additionally, they have 16 upcoming projects with an estimated carpet area of 7,44,149 square feet.
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