VMPL
Mumbai (Maharashtra) [India], August 19: Suraj Estate Developers Limited (the "Company"), a leading real estate player focused on South Central Mumbai (SCM) market with specialisation in redevelopment projects announced its unaudited financial results for the quarter ended June'26.
Business Updates:
* Achieved strong sales momentum in Q1FY27, with Sales Value and Sales Area both increasing 74% YoY to Rs.141 crore and 28,834 sq. ft., respectively, while Collections stood at Rs.86 crore, reflecting healthy customer demand and execution
* Acquired a land parcel in Dadar (West), at a total acquisition cost of ~Rs.18 crore, with a development potential of ~0.18 lakh sq ft and estimated GDV of ~Rs.100 crore, strengthening the Company's near-to-medium term project pipeline and further consolidating its presence in South-Central Mumbai
* Suraj One Business Bay has witnessed strong sales traction since its launch, with ~33% of inventory sold since the launch, indicating healthy demand and strong absorption for the Company's commercial offering.
Commenting on the performance, Mr. Rahul Thomas, Whole-time Director, Suraj Estate Developers, said "Q1 FY27 marked a quarter of healthy operational progress for the Company, supported by resilient customer demand and continued momentum across its core South-Central Mumbai markets. The Company witnessed healthy growth in sales value and sales area during the quarter, reflecting robust absorption across its residential and commercial portfolio.
Commercial developments continued to witness healthy demand, with Suraj One Business Bay recording strong sales traction since its launch, further demonstrating the attractiveness of the Company's commercial offering. The Company remained focused on disciplined execution and timely monetization, supported by healthy sales momentum and resilient demand across its key projects.
During the quarter, the Company further strengthened its future development pipeline through the acquisition of a strategically located land parcel in Dadar West with an estimated GDV potential of ~Rs.100 crore. The acquisition reinforces the Company's growth strategy and further consolidates its presence across its core South-Central Mumbai micro-market.
Going forward, the Company will focus on advancing its ongoing projects, driving sales and collections, while also actively progressing the development of its upcoming project pipeline, and selectively adding new development opportunities across its core markets. With continued customer demand and a healthy mix of residential and commercial opportunities, the Company remains well positioned to build on the momentum achieved during the quarter and strengthen its growth trajectory."
About Suraj Estate Developers:
Suraj Estate Developers has been involved in the real estate business since 1986 and they develop real estate across the residential and commercial sectors in South Central Mumbai region. Company has a residential portfolio located in the markets of Mahim, Dadar, Prabhadevi and Parel, which are sub-markets of the South-Central Mumbai micro market where they have established their presence. Company is focused primarily on value luxury, luxury segments and commercial segments. Company is now venturing into residential real estate development in Bandra sub-market.
The focus area of operation is the South-Central region in Mumbai mainly consisting of Mahim, Matunga, Dadar, Prabhadevi and Parel, as their expertise lies is in the redevelopment of tenanted properties. Since most of the land parcels in the South-Central Mumbai market are redevelopment projects, company's core competence lies in tenant settlement which is a key element for unlocking value of such land parcels. Suraj Estate Developers identify properties having cessed/ non-cessed structures with existing tenants and tie up with the landlords of such tenanted properties by entering into development agreement or on outright purchase basis through conveyance deed.
Since incorporation, Suraj Estate Developers have completed 45+ projects with a developed area of more than 16.09 lakh square feet in the South-Central Mumbai region. In addition to the completed Projects, the company has 13 ongoing projects with a developable area of 23.54 lakh square feet and saleable RERA carpet area 7.57 lakh square feet and 18 upcoming Projects with an estimated carpet area of 13.46 lakh square feet.
Safe Harbor:
Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential project characteristics, project potential and target dates for project related issues are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. The company assumes no obligation to update forward-looking statements to reflect actual results changed assumptions or other factors.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same.)
Suraj Estate Developers Limited Begins FY27 on Strong Footing, Driven by Robust Sales Momentum
