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.
