Suraj Estate Subsidiary Buys Mumbai Land Rights for ₹75 Crore

Representative image
Representative image

NEW DELHI: Suraj Estate Developers, via its wholly owned subsidiary Iconic Property Developers, has signed a memorandum of understanding (MOU) for the acquisition of development rights to 2,941 sq meters of land in Mahim (West), Mumbai, for a total cost of ₹75 crore.

This land, when combined with the existing commercial property — Suraj One Business Bay — is expected to yield an additional saleable area of approximately 1.50 lakh sq ft, with an estimated gross development value (GDV) of ₹800 crore.

Rahul Thomas, the whole-time director of the company, stated, “With this acquisition, the total GDV of Suraj One Business Bay will exceed ₹2,000 crore.”

In FY26, the company reported a sales value of ₹615 crore, achieving a 42% year-on-year increase in sales area to 1,31,167 sq ft, while collections rose by nine percent year-on-year to ₹421 crore.

  • Published On Jun 1, 2026 at 12:00 PM IST

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