Suraj Estate Developers records 35% growth in total income, 111% growth in profit after tax

financialexpress.com:

Mumbai-based Suraj Estate Developers Ltd, having specialisation in redevelopment projects, has announced its audited financial results for the quarter and full year ended March 24.

New Acquisition: The company has acquired freehold plot of land admeasuring ~ 1,073.42 square meters situated off Lady Jamshedji Road, Mahim (West), Mumbai, for a total consideration of Rs 33.10 crore. The project is a redevelopment project which entails redevelopment of 7 tenants/occupants who have vacated their respective premises, and the plot is rendered vacant. After deducting the FSI required for rehabilitating the said tenants / occupants of the property and surplus area to be handed over to MHADA, the estimated balance carpet area available for sale is about 2,787 square meters (30,000 sq. ft.) with a GDV of Rs 120 crore.

Litigation Settlement and New Redevelopment Project: During Q4FY24, the company amicably settled a pending litigation with OLV & OLPS Society. It has also filed consent terms enabling the development of the property translating to a sales potential of Rs 350 crore.

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Alongside this, the company won a bid for obtaining Development Rights of Land Component admeasuring 4,790.76 square meters (~51,500 Sq. Ft.) with five existing buildings thereon translating into a GDV of ~Rs 225 crore.

Commenting on the performance, Rahul Thomas, Executive Director, Suraj Estate Developers, said, “The residential real estate market in India soared in Q1 of calendar year 2024, fueled by persistent high demand. High-end and luxury segments led the charge, while the mid-range maintained its dominance in launches. With infrastructure boom, improved connectivity