Suraj Estate Developers Limited has announced impressive sales performance for its flagship commercial project One Business Bay, recording ₹200.00 crore in gross bookings within just 45 days of its launch in mid-November. The Mumbai-based real estate developer sold 40,000 square feet of area during this period, demonstrating strong market demand for premium commercial spaces in South Central Mumbai.

Project Performance and Market Response

The strong sales momentum reflects robust demand for ownership-led office spaces in the South Central Mumbai corridor. One Business Bay's early success validates the company's strategic expansion into the commercial segment, building on its established track record of delivering corporate office buildings to prominent clients including Saraswat Co-operative Bank Limited and The Clearing Corporation of India Limited.

Project Specifications and Design

One Business Bay is being developed on freehold land parcels measuring 0.75 acres with excellent connectivity to Senapati Bapat Marg. The project is designed to meet Gold LEED standards and cater to the demand for high-quality Grade-A offices. Designed by Hafeez Contractor, India's renowned urban architect, the project represents a complete ecosystem for modern business operations.

The development features comprehensive infrastructure including 2 levels of basement parking, double-height grand entrance lobby, 8 levels of podium parking, and double-height E-Deck level with approximately 28 feet height. The project comprises 15 office floors with floor-to-floor height of 14 feet, multiple destination-controlled high-speed elevators, 182 premium business office units, and premium retail spaces, restaurants, and cafés.

Strategic Location and Management Outlook

The project's strategic positioning offers significant advantages with proximity to Bandra-Kurla Complex (BKC) and direct access to Senapati Bapat Marg. This location places One Business Bay in one of Mumbai's most connected commercial corridors, making it attractive to enterprises and investors seeking future-ready workspaces.

Rahul Thomas, Whole-Time Director of Suraj Estate Developers, commented on the development: "The initial sales momentum at One Business Bay validates our decision to expand into the commercial segment. Our continued focus on commercial real estate is a natural progression, backed by decades of development experience in South Central Mumbai and a strong understanding of this micro-market."

Encouraged by the early traction at One Business Bay, the company is selectively evaluating similar opportunities for commercial projects within the South-Central Mumbai micro-market while maintaining execution discipline and focus on value-accretive growth. The company has been active in the real estate sector since 1986, with strong focus on residential and commercial development in South Central Mumbai, specializing in value luxury, luxury, and commercial segments.

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.