Iconic Property Developers, a wholly-owned subsidiary of Suraj Estate Developers (SEDL), has successfully acquired a 15,758 sq ft land parcel at Senapati Bapat Marg, Mahim (W), Mumbai, for Rs 101 crore. The total amount, including stamp duty and registration charges, has already been fully paid. This acquisition marks a significant step in SEDL’s strategy to expand its commercial real estate portfolio in Mumbai.
The newly acquired land will be developed into a commercial building with an estimated carpet area of 1.03 lakh sq ft. The project, which is expected to have a gross development value (GDV) of approximately Rs 525 crore, aims to meet the growing demand for premium office spaces in the city. The commercial property will offer expansive floor plates, making it attractive to large enterprises looking for office space in prime locations. Strategically located in Mahim, the land is adjacent to another plot previously acquired by SEDL for similar commercial development. By combining these two plots, Suraj Estate Developers plans to create a more substantial commercial space that will cater to the needs of business tenants seeking modern, large-scale office environments.
This acquisition is part of SEDL’s broader vision to strengthen its presence in Mumbai’s competitive commercial real estate market. The development is expected to boost the company’s profile and provide a significant return on investment. In a separate development, Mrutyunjay Mahapatra, a non-executive independent director of Suraj Estate Developers, has tendered his resignation, effective from December 3, 2024. Despite this change, the company continues to pursue its growth strategy, with this new commercial project marking an important milestone for its future endeavors.
