VMPL
Mumbai (Maharashtra) [India], February 24: Suraj Estate Developers Limited, a leading real estate developer in South Central Mumbai, announced the successful completion of the acquisition of 100% shares of Hally Pacific Private Limited, a company that owns a strategically located vacant land parcel at Sayani Road, Prabhadevi, Mumbai.
The acquisition has been completed pursuant to a Share Purchase Agreement executed on February 20, 2026, for a total consideration of approximately ₹30.40 crore, resulting in Hally Pacific Private Limited becoming a wholly owned subsidiary of the Company.
The acquired entity owns a vacant land admeasuring approximately 717.39 square meters situated at Prabhadevi, one of Mumbai's established micro-markets characterized by strong demand fundamentals, excellent connectivity, and proximity to key commercial districts such as Lower Parel and Worli.
Suraj Estate Developers intends to undertake development on the said project site which an estimated sale carpet area of ~ 0.367 lakhs sq ft with an estimated Gross Development Value (GDV) of approximately ₹200 crore. The project is expected to strengthen the Company's near-to-medium term upcoming projects pipeline and further consolidate its presence in its core operating micro-market of South-Central Mumbai.
Commenting on the update, Mr. Rahul Thomas, Whole-time Director, Suraj Estate Developers, said, "This acquisition marks another significant step in strengthening our development pipeline within our core South-Central Mumbai markets. The Prabhadevi micro-market continues to demonstrate strong demand fundamentals supported by excellent connectivity and established social infrastructure. With an estimated GDV of approximately ₹200 crore, the project bolsters our portfolio of upcoming projects thereby enhancing our medium-term revenue visibility..
We remain committed to disciplined growth, selective acquisitions, and efficient execution, and are actively evaluating additional opportunities that align with our strategic vision. We believe this project will contribute meaningfully to long-term value creation for our stakeholders while further strengthen our position in the South-Central Mumbai development landscape."
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 7.55 lakh square feet and 17 upcoming Projects with an estimated sale carpet area of 11.94 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.
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