Suraj Estate Developers Limited is a leading real estate playerfocused on South Central Mumbai (SCM) market with specialisation in redevelopment. The company’s latest shareholding shows that ace investor Sundar Iyer has picked over 1% stake in Suraj Estate Developers.
Earlier, the company reported earnings for Q4FY24. Suraj Estate Developers further added, “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 inlaunches.
FY24 was a year of strong performance for us where we achieved a remarkable 35% increase in sales over FY23 andan 111% growth in Profit After Tax as compared to theprevious year. Our effective cost control measures led to a growth of 54% in our EBITDA thereby improving our margins by ~710 bps. Operationally during the year, we sold 1,07,136 sq ft translating to sales of Rs 483 crores. Collections for theyear stood at Rs 316 crores. Focus during the year was onselling luxury projects which reflects in improved realisationsof Rs 45,074 per sq ft in FY24 vs Rs 42,420 per sq ft in FY23.”
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 segment. 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 CentralMumbai market are in the nature of 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 42 projects with a developed area of more than 1,046,543.20 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 2,034,434.40 square feet and saleable RERA carpet area 609,928 square feet and 16 upcoming Projects with an estimated carpet area of 744,149 square feet.
