Suraj Estate Developers Limited announced on Sunday that its wholly owned subsidiary, Iconic Property Developers Private Limited, has signed a Memorandum of Understanding to acquire development rights over a ~2,941 square metre plot in Mahim (West), Mumbai, for a total consideration of ₹75 crore.

The acquired plot is contiguous to the company's ongoing commercial project, Suraj One Business Bay. Upon amalgamation with the existing development, the company expects the combined project to generate additional saleable carpet area of approximately 1.50 lakh square feet, with an estimated Gross Development Value (GDV) of ₹800 crore. The combined GDV of Suraj One Business Bay is now projected to exceed ₹2,000 crore, according to the company's exchange filing made under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.

Rahul Thomas, Whole-time Director at Suraj Estate Developers, said the acquisition would expand the company's commercial footprint in South Central Mumbai and that strong institutional and end-user interest was anticipated given the project's location and connectivity.

Mahim (West) is in proximity to key commercial districts including Lower Parel, Worli, and Bandra Kurla Complex, which the company cited as a demand driver for the project.

The stock traded lower on Monday. Shares of Suraj Estate Developers were down 4.34 per cent at ₹215.00 as of 10.09 AM on June 1, 2026, against the previous close of ₹224.75. The stock has shed over 33 per cent in the past year against Nifty 50's roughly 5 per cent decline in the same period, and is down approximately 17.5 per cent year-to-date.

Founded in 1986 and listed on Indian exchanges since December 2023, Suraj Estate Developers focuses on residential and commercial redevelopment in South Central Mumbai, with 45-plus completed projects and 13 ongoing developments in its portfolio.

Published on June 1, 2026