Suraj Estate buys 15,758 sq.ft Land Parcel in Mumbai for Rs. 101 crores

A real estate player in Mumbai, Suraj Estate Developers, has snapped up a vacant piece of land measuring around 1,464 square meters for Rs. 101 crore. Once developed, this plot will offer approximately 1.03 lakh square feet of RERA carpet area.

The plot was previously purchased by the company for a commercial development. The two combined plots will total approximately 3,000 square meters with an estimated saleable area of 2.1 lakh square feet and a Gross Development Value (GDV) of Rs. 1,000 crore.

A new flyover linking Senapati Bapat Marg to the Western Express Highway and nearby railway stations make the location incredibly accessible.

In early trade on Thursday, Suraj Estate Developers share price jumped 5% after the company announced that its subsidiary had acquired a major land parcel in Mumbai. The stock hit an intraday high of Rs. 706.95 apiece on the BSE.

The funds raised through the issue of equity shares and share warrants on preferential basis amount to Rs. 343 crore is fulfilled by this acquisition. A 14% increase in sales volume and a 10% rise in sales realization have marked our operational performance in the last quarter. We're excited about the project's success because of the increasing demand for commercial space, according to Rahul Thomas, Executive Director of Suraj Estate Developers.

The real estate firm raised Rs. 343 crore recently, with Rs. 100 crores coming from share warrants and the rest from preferential equity shares. The fundraising round was successful for high-net-worth individuals, asset management funds and family offices.