Suraj Estate Developers acquires vacant Mumbai plot for ₹101 crore -OxBig News Network

Suraj Estate Developers, operating in South-Central Mumbai market has announced the acquisition of a vacant parcel of land measuring 1,464 sq. meters located on Senapati Bapat Marg, Mahim West for ₹101 crore, the company said in a statement. 

The land upon development will have an estimated RERA carpet area of 1.03 lakh sq feet. 

The new plot which is located adjacent to an existing vacant land earlier acquired by the company, will be utilised for development of a commercial building, the company added.

“The said two plots upon amalgamation will have combined plot area of approximately 3,000 square meters which is estimated to have sale RERA Carpet area of 2.10 lakh sq feet with an estimated Gross Development Value (GDV) of ₹ 1,000 crore,” the company said.

Rahul Thomas, Executive Director, Suraj Estate Developers, said, “This acquisition fulfils the objectives of the funds raised through issue of equity shares and warrants on preferential basis amounting to ₹343 crore.”