Subsidiary Completes Acquisition of Development Rights at Mahim (West) for ₹82.72 Crores
Wholly owned subsidiary Iconic Property Developers has completed acquisition of development rights for a ~2,941 sq m plot at Mahim (West), next to the ongoing Suraj One Business Bay project.
By ScoutQuest · · 1 min read
- Plot Size
- ~2,941 sq m
- Total Investment
- ₹82.72 Crores
- Expected Additional Saleable Carpet Area
- ~1.50 lakh sq ft
- Estimated Gross Development Value
- ~₹800 Crores
- Location
- Mahim (West), contiguous to Suraj One Business Bay project
What was announced
The company informed the exchanges that its wholly owned subsidiary, Iconic Property Developers Private Limited, has completed the acquisition of development rights over a plot of land at Mahim (West), Mumbai. The Development Agreement has been duly registered.
Key details
- Plot size: approximately 2,941 square metres
- Location: contiguous to the ongoing commercial project Suraj One Business Bay, Mahim (West)
- Total investment: ₹82.72 Crores
- Expected additional saleable carpet area on amalgamation with the existing commercial development: approximately 1.50 lakh square feet
- Estimated Gross Development Value (GDV): approximately ₹800 Crores
Context
This follows an earlier Memorandum of Understanding disclosed by the company for the same plot; the transaction has now moved from MOU stage to a registered Development Agreement with the payment made.
How investors may read it
The company states the acquisition is expected to strengthen its near-to-medium-term project pipeline and consolidate its presence in the South-Central Mumbai market, which it describes as its core market. Mahim (West) is described as an established micro-market with strong demand fundamentals, connectivity and proximity to Lower Parel, Worli and Bandra Kurla Complex.
The GDV and saleable area figures are estimates and forward-looking; actual outcomes depend on execution, approvals and market conditions. The investment of ₹82.72 Crores is a cash outlay made through the subsidiary.
Also from Suraj Estate Developers
Board meeting on 31st October, 2026 to approve September quarter results
23 Oct 2026
More numbers
- Plot area2,941 square metres
- Total investment₹82.72 Crores
- Additional saleable carpet area1.50 lakh square feet
- Estimated Gross Development Value₹800 Crores
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