Comments
Suraj Estate Developers Limited’s shares were up 2.63% after the company settled a legal dispute with OLV & OLPS Society. The company reported, it finalised consent terms for the development of a property in Mahim, Mumbai, which includes a payment of approximately ₹47 crore to the landowner and additional flats to the society. This settlement allows Suraj Estate Developers ltd to utilise a built-up area of approximately 10,813.63 square meters for sale, with a Gross Development Value (GDV) of around ₹350 crores.
- Also Read: Sensex, Nifty edge up in early trade
The company further informed, in addition to this, the company secured Development Rights of Land Component for a property with existing buildings, occupied by 108 tenants/occupants. After rehousing the existing occupants and handing over surplus area to MHADA, Suraj Estate Developers ltd estimates a minimum built-up area of 6,467.52 square meters for sale, with a GDV of approximately ₹225 crores.
- Also Read: Paytm shares decline 4% after CEO resigns
Rahul Thomas, Whole Time Director of Suraj Estate Developers , said, “We are delighted to announce an amicable resolution to this long standing litigation matter. This favourable resolution marks a milestone for the company and underscores its commitment to excellence in the real estate sector. The settlement provides us with a sales potential of ₹350 crores. Additionally, the redevelopment of five buildings is projected to yield ₹225 crores, further bolstering the company’s financial prospects. At Suraj, we are committed to delivering world-class luxury projects that exceed expectations. With a track record of delivering premium projects, we are poised for continued success and growth in the real estate industry.”
The shares were up by 2.63% to ₹343.30 at 11.16 am on the BSE.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.