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Suraj Estate Subsidiary Acquires ₹82 Crore Mahim Development Rights, Eyes ₹800 Crore GDV
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CNBC TV18•26-09-2026, 17:42
Suraj Estate Subsidiary Acquires ₹82 Crore Mahim Development Rights, Eyes ₹800 Crore GDV
- •Suraj Estate Developers' subsidiary, Iconic Property Developers Private Limited, completed the acquisition of development rights for a 2,941-square-metre plot in Mahim (West), Mumbai.
- •The acquisition, contiguous to the ongoing Suraj One Business Bay project, involved a total investment of ₹82.72 crore.
- •The plot is expected to add approximately 1.50 lakh square feet of saleable carpet area after amalgamation with the existing commercial development.
- •This expansion is estimated to generate a gross development value (GDV) of about ₹800 crore.
- •The acquisition strengthens Suraj Estate's project pipeline and consolidates its presence in South-Central Mumbai.
Key Questions Answered
Suraj Estate Developers completed the acquisition through its wholly owned subsidiary Iconic Property Developers Private Limited with a total investment of ₹82.72 crore.
Following amalgamation with the existing commercial development, the plot is expected to add about 1.50 lakh square feet of saleable carpet area with an estimated gross development value of around ₹800 crore.
In April 2026, Suraj Estate acquired a land parcel in Dadar (West) for an estimated total cost of around ₹18 crore to redevelop it into a residential project with a GDV of about ₹100 crore.
