By Suraj Estate Developers Limited, a prominent real estate firm focused on the South Central Mumbai (SCM) market, has acquired a freehold plot of land measuring approximately 1,073.42 square meters off Lady Jamshedji Road, Mahim (West), Mumbai, for Rs. 33.10 Crores. This acquisition is part of a redevelopment project involving seven tenants/occupants who have already vacated their premises, leaving the plot vacant.
After deducting the Floor Space Index (FSI) required for rehabilitating the tenants/occupants and the surplus area to be handed over to MHADA, approximately 2,787 square meters (30,000 sq. ft.) of balance carpet area is available for sale, with a Gross Development Value (GDV) of Rs. 120 crores.
Mr. Rahul Rajan Jesu Thomas, Whole Time Director of Suraj Estate Developers Limited, commented, “The acquisition boosts our sales potential by Rs. 120 crores, enhancing both our project pipeline and financial outlook. At Suraj, we are committed to delivering world-class luxury projects that exceed expectations. With a track record of delivering top-tier projects, we are well-positioned for continued success and growth in the real estate sector.”
About Suraj Estate Developers Limited: Suraj Estate Developers Limited has been active in the real estate industry since 1986, focusing on residential and commercial developments in South Central Mumbai. The company’s residential portfolio includes properties in Mahim, Dadar, Prabhadevi, and Parel, sub-markets of the South-Central Mumbai micro-market where it has established a presence. Suraj Estate Developers primarily focuses on value luxury, luxury, and commercial segments.
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The company is now expanding into residential real estate development in the Bandra sub-market. Its primary area of operation is the South-Central region of Mumbai, particularly Mahim, Matunga, Dadar, Prabhadevi, and Parel, where it specializes in the redevelopment of tenanted properties. Suraj Estate Developers identify properties with cessed/non-cessed structures and existing tenants, partnering with landlords through development agreements or outright purchase agreements.
Since its inception, Suraj Estate Developers has completed 42 projects with a total developed area exceeding 1,046,543.20 square feet in South-Central Mumbai. Additionally, the company has 13 ongoing projects with a developable area of 2,034,434.40 square feet and a saleable RERA carpet area of 609,928 square feet. It also has 16 upcoming projects with an estimated carpet area of 744,149 square feet.
Details of the Land Acquisition: Suraj Estate Developers, a renowned real estate company in Mumbai, has recently made headlines with their latest acquisition of 1,073 sq meters of prime land in the heart of the city. The transaction amounted to an impressive Rs 33 crore, showcasing the company’s commitment to expanding its portfolio and presence in the region.
The acquired land is strategically located and holds immense potential for redevelopment into a premium residential or commercial project. With this new addition, Suraj Estate Developers aims to create a modern and sustainable space that aligns with their reputation for delivering high-quality properties.
This strategic move not only strengthens the company’s foothold in the competitive real estate market but also presents an exciting opportunity to revitalize the local community through enhanced infrastructure and amenities. The development is set to bring economic growth and job opportunities to the area while catering to the evolving needs of residents and businesses alike.
Suraj Estate Developers’ successful land acquisition marks a significant milestone in their journey towards shaping urban landscapes and setting new benchmarks in sustainable development.
Plans for Redevelopment: Suraj Estate Developers has ambitious plans for the newly acquired 1,073 sq meters of land in Mumbai. The company aims to redevelop the property into a modern residential or commercial complex, catering to the evolving needs of urban dwellers.
The planned redevelopment will focus on incorporating sustainable design elements and innovative technology to create a green and energy-efficient space. Suraj Estate Developers intends to enhance the aesthetic appeal of the area while also maximizing functionality and usability.
With a strong emphasis on community-centric development, the project may include amenities such as landscaped gardens, recreational facilities, and convenient access to public transportation. The goal is to create a vibrant living or working environment that promotes well-being and connectivity among residents or tenants.
Benefits for the Company and Local Community: Suraj Estate Developers’ recent acquisition of 1,073 sq meters land in Mumbai for Rs 33 crore not only signifies a strategic move for the company but also brings about significant benefits for both the company and the local community.
For Suraj Estate Developers, this acquisition presents a valuable opportunity to expand their portfolio and enhance their presence in the bustling real estate market of Mumbai. The new development project is set to boost their brand image and attract more investors and buyers.
On the other hand, the local community stands to gain from this redevelopment as it will bring about modern infrastructure, improved amenities, and potentially create job opportunities during construction and post-development phases. Additionally, revitalizing an underutilized space can contribute to overall economic growth in the area.
This venture holds promise for mutual growth and prosperity between Suraj Estate Developers and the surrounding community.
Potential Challenges and Mitigation Strategies: When it comes to acquiring land for redevelopment in a bustling city like Mumbai, there are bound to be challenges along the way. Suraj Estate Developers may face obstacles such as obtaining regulatory approvals, managing project costs, and addressing community concerns.
To mitigate these challenges, the company can proactively engage with local authorities to streamline the approval process and ensure compliance with regulations. By carefully planning the budget and timeline for the redevelopment project, they can effectively manage costs and avoid any financial setbacks.
Moreover, maintaining open communication with stakeholders and addressing community feedback promptly can help build trust and support for the project. Implementing sustainable practices and incorporating green spaces into the design can also enhance public perception of the development.
By anticipating potential challenges and implementing strategic mitigation strategies, Suraj Estate Developers can navigate through obstacles smoothly towards successful property redevelopment.
Impact on the Real Estate Market: Suraj Estate Developers’ recent acquisition of 1,073 sq meters land in Mumbai for Rs 33 crore has sent ripples through the real estate market. The move signifies the company’s commitment to expanding its footprint in one of India’s most competitive property markets.
The acquisition is likely to fuel further interest from investors and developers eyeing similar opportunities in Mumbai. As Suraj Estate Developers embark on plans for redevelopment, it sets a benchmark for innovative urban development strategies that could influence future projects in the city.
This development may also lead to increased competition among real estate players vying for prime land parcels, potentially driving up property prices in the area. Additionally, the revitalization of this space could attract more businesses and residents, boosting economic activity and demand for housing options.
Suraj Estate Developers’ latest venture is poised to make a significant impact on the real estate landscape of Mumbai, setting new trends and standards for sustainable urban growth.
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Conclusion: Suraj Estate Developers’ recent acquisition of 1,073 sq meters of land in Mumbai for Rs 33 crore marks a significant step towards their commitment to redevelop properties and contribute to the local community. With meticulous planning and innovative strategies, the company aims to create a modern and sustainable space that not only benefits them but also enhances the quality of life for residents in the area.
By leveraging their expertise in real estate development, Suraj Estate Developers plans to transform the acquired land into a thriving hub that meets the evolving needs of urban living. The successful completion of this project will not only boost the company’s portfolio but also set new benchmarks for architectural excellence and environmental sustainability.
As Suraj Estate Developers embarks on this exciting journey, they are well-prepared to overcome any challenges that may arise during the redevelopment process. By staying adaptable, proactive, and customer-focused, they are poised to deliver exceptional results while creating lasting value for both stakeholders and the local community.
The impact of this endeavor on the real estate market is likely to be profound as it showcases innovation, growth opportunities, and sets new standards for urban development in Mumbai. As Suraj Estate Developers paves the way with this ambitious project, they are shaping a brighter future for themselves and leaving an indelible mark on India’s real estate landscape.
Frequently Asked Questions
- Who is Suraj Estate Developers Limited?
Ans. Suraj Estate Developers Limited is a prominent real estate firm focused on the South Central Mumbai (SCM) market. It has been active in the industry since 1986, specializing in residential and commercial developments in the region.
- What recent acquisition has Suraj Estate Developers made?
Ans. Suraj Estate Developers recently acquired a freehold plot of land measuring approximately 1,073.42 square meters off Lady Jamshedji Road, Mahim (West), Mumbai, for Rs. 33.10 Crores. This acquisition is part of a redevelopment project involving seven tenants/occupants who have vacated their premises.
- What is the Gross Development Value (GDV) of the available area for sale after the redevelopment project?
Ans. The available balance carpet area for sale after deducting the Floor Space Index (FSI) required for rehabilitating the tenants/occupants and the surplus area to be handed over to MHADA is approximately 2,787 square meters (30,000 sq. ft.), with a GDV of Rs. 120 crores.
- What is Suraj Estate Developers’ approach to real estate development?
Ans. Suraj Estate Developers primarily focuses on value luxury, luxury, and commercial segments. It specializes in the redevelopment of tenanted properties in the South-Central Mumbai region, including areas such as Mahim, Matunga, Dadar, Prabhadevi, and Parel.
- How many projects has Suraj Estate Developers completed, and what is the status of its ongoing and upcoming projects?
Ans. Since its inception, Suraj Estate Developers has completed 42 projects with a total developed area exceeding 1,046,543.20 square feet in South-Central Mumbai. It currently has 13 ongoing projects with a developable area of 2,034,434.40 square feet and a saleable RERA carpet area of 609,928 square feet. Additionally, it has 16 upcoming projects with an estimated carpet area of 744,149 square feet.
- What are Suraj Estate Developers’ future plans?
Ans. Suraj Estate Developers is expanding its residential real estate development into the Bandra sub-market. It remains focused on the South-Central region of Mumbai, particularly Mahim, Matunga, Dadar, Prabhadevi, and Parel, where it has established its expertise in tenanted property redevelopment.
