Suraj Estate Developers Limited announced on May 31, 2026, that its wholly owned subsidiary, Iconic Property Developers Private Limited, has acquired development rights for a prime land parcel in Mahim (West) for a total consideration of ₹75.00 crores. The acquisition is expected to generate an estimated Gross Development Value (GDV) of ₹800 crores, strengthening the company's project pipeline in the South Central Mumbai micro-market. The subsidiary signed a Memorandum of Understanding (MOU) for the plot, which admeasures approximately 2,941 square meters and is contiguous to the ongoing commercial project Suraj One Business Bay.

The strategic acquisition is anticipated to add about 1.50 lakh square feet of saleable carpet area upon amalgamation with the existing commercial development. Rahul Thomas, Whole-time Director of Suraj Estate Developers , stated that the combined GDV of Suraj One Business Bay will exceed ₹2,000 crores following this expansion. He highlighted the project's vantage position and connectivity, anticipating strong interest from institutional and end-user segments driven by design excellence and a sustainability-led approach.

Project Details

The development rights acquisition targets a plot in Mahim, an established micro-market characterized by strong demand fundamentals and proximity to key commercial districts such as Lower Parel, Worli, and Bandra Kurla Complex. The following table outlines the key financial and operational metrics associated with the transaction:

Company Background

Suraj Estate Developers has been operational in the real estate sector since 1986, focusing on residential and commercial developments across South Central Mumbai. The company's portfolio includes markets in Mahim, Dadar, Prabhadevi, and Parel, with a core competence in the redevelopment of tenanted properties. Since incorporation, the developer has completed over 45 projects, encompassing a developed area exceeding 16.09 lakh square feet. Currently, the company has 13 ongoing projects with a developable area of 23.54 lakh square feet and 18 upcoming projects with an estimated saleable carpet area of 12.12 lakh square feet.

Suraj Estate Developers Limited has informed the stock exchanges about the resignation of Mr. Gopal Govind Barve from his position as Chief Engineer, effective April 29, 2026. The departure represents a change in the company's senior managerial personnel structure.

Resignation Details

The company disclosed the resignation through official communication to both the National Stock Exchange of India Limited and BSE Limited, fulfilling its obligations under Regulation 30 of the SEBI Listing Regulations. The resignation became effective immediately from the closure of business hours on April 29, 2026.

Regulatory Compliance

Suraj Estate Developers has provided comprehensive disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company submitted the required documentation including detailed annexures outlining the resignation particulars and the formal resignation letter from Mr. Barve.

Resignation Letter

In his formal resignation letter addressed to Managing Director Shri Rajan Thomas, Mr. Gopal Govind Barve expressed gratitude for the opportunities received during his tenure. He acknowledged the support and cooperation extended by the management and colleagues, describing his experience as valuable in contributing to the organization.

Corporate Communication

The official intimation was signed by Mukesh Gupta, Company Secretary & Compliance Officer, who holds ICSI Membership No. F6959. The communication was digitally signed and timestamped on April 29, 2026, ensuring proper documentation of the managerial change for regulatory compliance purposes.