The Developer acquires a vacant land parcel at Senapati Bapat Marg Mahim West
FinTech BizNews Service
Mumbai, 5 December, 2024: Suraj Estate Developers, a leading real estate player focused on the South-Central Mumbai (SCM) market has announced the acquisition of a vacant parcel of land measuring approx.1,464 sq. Meters. The said plot of land upon development will have an estimated RERA Carpet area of 1.03 Lacs square feet. The new plot is located adjacent to an existing vacant land acquired earlier by the company, also for the development of a commercial building
The said two plots upon amalgamation will have combined plot area of approximately 3,000 square meters which is estimated to have sale RERA Carpet area of 2.10 lacs square feet with an estimated GDV of 1,000 Crores.
Situated in the heart of the city, the location offers brilliant connectivity with its close proximity to railway stations and upcoming metro line, along with upcoming new flyover connecting Senapati Bapat Marg to western express highway. Ensuring seamless commuting.
Commenting on this, Rahul Thomas, Executive Director, Suraj Estate Developers, said, “This acquisition fulfils the objectives of the funds raised through issue of equity shares and share warrants on preferential basis amounting to Rs.343 crore. Our operational performance in the last quarter has also been exceptional, marked by a 14% increase in sales volume and a 10% rise in sales realization. Looking to the growing demand for commercial spaces given the strategic location of the land, we are confident about the success of the project.”
In the last quarter, the company achieved an 88% surge in PAT, along with a 26% Y-O-Y growth in pre-sales for Q2FY25. Collections grew by 89% Y-O-Y in Q2FY25 and 46% Y-O-Y in H1FY25, driven by increased sales and collections from the commercial project CCIL.
