Realty firm Suraj Estate Developers Ltd has bought 1,464 square metre of land in Mumbai for Rs 101 crore to build a commercial project with an estimated revenue potential of Rs 525 crore.
The entire consideration along with stamp duty and registration charges has been fully paid.
Realty firm Suraj Estate Developers Ltd has bought 1,464 square metre of land in Mumbai for Rs 101 crore to build a commercial project with an estimated revenue potential of Rs 525 crore.
The company, through its wholly-owned subsidiary Iconic Property Developers Pvt Ltd, has acquired through conveyance a vacant parcel of land admeasuring around 1,464 square metres (15,758 square feet) situated at Senapati Bapat Marg, Mahim (West), Mumbai for a consideration of Rs 101 crore, according to a regulatory filing on Wednesday.
The entire consideration along with stamp duty and registration charges has been fully paid.
"The project envisions the development of a commercial building with an estimated RERA carpet area of 1.03 lakh square feet with a gross development value (GDV) of around Rs 525 crore," the company said.
The newly acquired land parcel is adjacent to a previously acquired vacant plot, intended for the development of a commercial building. The amalgamation of these two plots will enable the development of a composite commercial building with larger floor plates to meet the growing demand of corporate clients, Suraj Estate said.
Since its incorporation in 1986, the company has completed 42 projects with a developed area of more than 10.47 lakh square feet in the South-Central Mumbai region. In addition to the completed projects, the company has 13 ongoing projects with a saleable RERA carpet area of 6.1 lakh square feet and 18 upcoming projects with an estimated RERA carpet area of more than 9.01 lakh square feet.