Suraj Estate acquires Mumbai Dadar West plot, targets ₹100 crore redevelopment project

Leading real estate developer in Mumbai, Suraj Estate Developers Ltd, on Wednesday (April 15), said it has acquired a land parcel in Dadar (West), Mumbai, for an estimated total acquisition cost of around ₹18 crore, including purchase consideration, stamp duty value of the area to be handed over to landowners, and associated stamp duty costs.

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.

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.

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The company said 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.

Rahul Thomas, Whole-time Director, Suraj Estate Developers, said, “This acquisition marks another significant step in strengthening our development pipeline within our core South Central Mumbai markets.

The Dadar micro-market continues to demonstrate strong demand fundamentals supported by excellent connectivity and established social infrastructure. With an estimated GDV of approximately ₹100 crores, the project bolsters our portfolio of upcoming projects, thereby enhancing our medium-term revenue visibility.

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We remain committed to disciplined growth, selective acquisitions, and efficient execution, and are actively evaluating additional opportunities that align with our strategic vision. We believe this project will contribute meaningfully to long-term value creation for our stakeholders while further strengthening our position in the South-Central Mumbai development landscape."

Shares of Suraj Estate Developers Ltd ended at ₹226.60, up by ₹8.80, or 4.04%, on the BSE.