Suraj Estate Developers Limited has received a CGST adjudication order from tax authorities, demanding ₹18.61 crores along with penalties and interest. The company has now provided a revised intimation explaining the delay in reporting this development to stock exchanges.

CGST Demand Details

The adjudication order was issued by the Commissioner of CGST Central Excise, Mumbai Central on December 19, 2025. The demand covers audit findings spanning from FY2018-2019 to FY2022-2023.

Delayed Filing Explanation

The stock exchanges had sought additional details regarding the delayed filing of the corporate announcement. Suraj Estate Developers explained that the delay in intimating the exchanges within the prescribed 24-hour timeline was due to an inadvertent internal communication gap during the verification and compliance process.

Company's Response and Legal Position

Suraj Estate Developers has obtained legal opinion regarding the adjudication order and maintains that the demand is not maintainable. According to the company's assessment, most of the demand relates to payments made to the Brihanmumbai Municipal Corporation (BMC) and other statutory authorities.

The company has stated that it does not envisage any major impact on its financials, operations, or other activities based on the legal opinion received. Management has indicated its intention to file an appeal against the order with Commissioner (Appeals-II).

Compliance Strengthening Measures

The company has acknowledged the delay and expressed regret for the same. Upon identification of the omission, immediate steps were taken to collate the requisite details, and the updated information was promptly filed with the exchanges to ensure full compliance.

Suraj Estate Developers has strengthened its internal report and compliance processes to ensure timely submission of information and to avoid recurrence of such instances in the future. The disclosure was signed by Mukesh Gupta, Company Secretary and Compliance Officer, confirming the company's commitment to maintaining proper disclosure standards.

Suraj Estate Developers Limited has been awarded the prestigious EuroMoney Real Estate Award 2025 for India's Best Residential Developer. This global recognition places the Mumbai-based real estate developer among internationally benchmarked real estate leaders and underscores its four-decade journey in transforming some of Mumbai's most established neighborhoods.

Award Recognition and Significance

The EuroMoney Real Estate Awards represent one of the most respected global assessments of performance across real estate, banking and finance sectors. Winners are chosen through comprehensive surveys of leading investors, financial institutions, corporates, and real estate advisory firms worldwide.

Company Strengths and Market Position

For Suraj Estate Developers, the award highlights its strengths in executing high-quality residential and redevelopment-led projects in land-scarce South-Central Mumbai. The company has earned a reputation for navigating the complexities of redevelopment under DCPR 33(7), consistently delivering value to tenants and homeowners in some of the city's most constrained micromarkets.

With a focus on design-led efficiency, Suraj Estate continues to create value luxury and luxury housing across key locations:

• Dadar
• Prabhadevi
• Mahim
• Parel
• Emerging Bandra region

Recent Developments and Commercial Expansion

This recognition comes close on the heels of One Business Bay, the company's landmark Grade A commercial development on Senapati Bapat Marg. The project reflects the clarity of design and deep market understanding that underpin Suraj Estate's award-winning residential portfolio. Together, the EuroMoney award and the launch of One Business Bay demonstrate the company's integrated strengths across both residential and commercial segments.

Management Commentary

Commenting on the recognition, Mr. Rahul Thomas, Whole Time Director at Suraj Estate Developers Limited, stated: "We are deeply honoured to be globally recognized as India's Best Residential Developer by Euromoney, a meaningful milestone for us. As we expand into the commercial space with One Business Bay, this acknowledgement reinforces the values that continue to guide us. This prestigious global accolade reaffirms our core strengths and inspires us to keep shaping Mumbai's evolving skyline."

Company Portfolio and Track Record

Suraj Estate Developers specializes in value luxury, luxury, and commercial segments, with recognized expertise in redevelopment of tenanted properties under DCPR 33(7). The company's core strength lies in tenant negotiation and settlement, enabling it to unlock value in densely populated areas of South Central Mumbai.

Strategic Impact

The EuroMoney Real Estate Award 2025 adds international weight to Suraj Estate Developers' growth trajectory. It validates the company's four decades of design-driven, community-centered development and strengthens confidence among homebuyers, institutional partners, and investors. The recognition reinforces the company's long-term contribution to reshaping South Central Mumbai's urban landscape.