Suraj Estate Subsidiary Buys Mumbai Land Rights for ₹75 Crore
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…