Suraj Estate Developers Ltd Share Price – NSE  /  BSE

Realty, Small Cap

Suraj Estate Developers will hold a meeting of the Board of Directors of the Company on 7 May 2024.

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Suraj Estate Developers has acquired freehold plot of land admeasuring ~ 1,073.42 square meters situated off Lady Jamshedji Road, Mahim (West), Mumbai for a total consideration of Rs. 33.10 crore.

The project is a redevelopment project which entails redevelopment of 7 tenants/occupants who have vacated their respective premises and the plot is rendered vacant. After deducting the FSI required for rehabilitating the said tenants / occupants of the property and surplus area to be handed over to MHADA, the estimated balance carpet area available for sale is about 2,787 square meters (30,000 sq. ft.) with a GDV of Rs. 120 crore.

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Suraj Estate Developers has amicably settled a pending litigation with OLV & OLPS Society. It has also filed consent terms enabling the development of property bearing F.P.557 of TPS III, Mahim Division admeasuring 7,625.73 square meters of thereabouts.

As per the consent terms, the company agreed to pay to the landowner a consideration of ~Rs. 47 crore and additional flats to OLV & OLPS Society which admeasures ~3,300 square meters (~35,500 Sq. Ft). This leaves the company with built-up area of 10,813.63 square meters (~1,16,400 Sq. Ft.) including fungible FSI for sale amounting to a GDV of Rs 350 crore.

Alongside this, the Company won a bid for obtaining Development Rights of Land Component admeasuring 4,790.76 square meters (~51,500 Sq. Ft.) with Five existing Buildings thereon in the occupation of 108 tenants/occupants. The FSI to be consumed for rehousing the 108 existing tenants/occupants of the said Five Buildings is estimated to be 6,688.90 square meters (~72,000 Sq. Ft.) and after handing over surplus area to MHADA, the balance built-up area for sale available to the Company is estimated to be a minimum of 6,467.52 square meters (~70,000 Sq. Ft.) with a GDV of ~Rs 225 crore.

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Suraj Estate Developers has allotted 7 crore unlisted, secured, non-convertible debentures of face value of Rs 10 each aggregating to Rs 70 crore to ICICI Ventures Funds Management Company on private placement basis.

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