Suraj Estate Developers Limited announced on Sunday that its subsidiary, Iconic Property Developers Private Limited, has signed a Memorandum of Understanding (MoU) to acquire development rights for a plot measuring approximately 2,941 square meters in Mahim (West), Mumbai, for a total cost of ₹75 crore.
The newly acquired plot is adjacent to the company’s ongoing commercial project, Suraj One Business Bay. After integrating this new site, the company anticipates an additional saleable carpet area of around 1.50 lakh square feet, resulting in an estimated Gross Development Value (GDV) of ₹800 crore. Consequently, the overall GDV for Suraj One Business Bay is now projected to exceed ₹2,000 crore, as indicated in the company’s exchange filing in compliance with Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements Regulations, 2015.
Rahul Thomas, Whole-time Director at Suraj Estate Developers, remarked that the acquisition would enhance the company’s commercial presence in South Central Mumbai. He noted that a strong interest from institutional investors and end-users is expected due to the project’s strategic location and connectivity.
Mahim (West) is situated near major commercial zones such as Lower Parel, Worli, and Bandra Kurla Complex, which the company identified as key demand drivers for the project.
However, the stock experienced a decline on Monday, with Suraj Estate Developers shares dropping 4.34 percent to ₹215.00 by 10:09 AM on June 1, 2026, compared to the previous close of ₹224.75. The stock price has decreased over 33 percent in the past year, in contrast to Nifty 50’s approximate 5 percent decline during the same period, and is down around 17.5 percent year-to-date.
Founded in 1986 and listed on Indian stock exchanges since December 2023, Suraj Estate Developers specializes in residential and commercial redevelopment in South Central Mumbai, boasting over 45 completed projects and 13 ongoing developments in its portfolio.
Published on June 1, 2026.
