About Suraj Estate Developers Ltd. - Company Information, Overview, History and Profile

Suraj Estate Developers Limited was originally incorporated as `Suraj Estate Developers Private Limited', at Mumbai dated September 10, 1986 issued by the RoC. Subsequently, Company converted into a Public Limited Company dated October 30, 2021 and the name was changed to `Suraj Estate Developers Limited' vide fresh Certificate of Incorporation dated December 9, 2021. Founded by the Promoter, Rajan M. Thomas, the Company is engaged in the business of real estate development. The Company has been involved in real estate business since 1986, and developed real estate across residential and commercial sectors in the South Central Mumbai region. It 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 it established the presence. It is focused primarily on value luxury, luxury segments and commercial segment. In residential portfolio, it is present across the "value luxury" and "luxury" segments with unit values ranging from Rs. 10 million to Rs 130 million. In commercial portfolio, it constructed and sold built-to-suit corporate headquarters to institutional clientele, Saraswat Cooperative Bank Limited (Prabhadevi) and Clearing Corporation of India Limited (Dadar). The Company had launched 14 residential projects out of which 12 projects are redevelopment projects. Majority of projects executed by the Company are on land owned or through development agreements with land-owners. It completed 42 projects with a developed area of more than 1,046,543 sq. ft. in South Central Mumbai region. In addition to completed projects, it has 9 ongoing projects with a developable area of 1,970,445 square feet and saleable RERA carpet area 442,616 sq. ft. and 21 upcoming projects with an estimated carpet area of 928,400 sq. ft. In the Value Luxury Segment, the Company completed projects like St. Anthony Apartments (Mahim), Lumiere (Dadar) and Elizabeth Apartment (Dadar). It completed Mangirish (Dadar) and Tranquil Bay (Dadar) projects located to the Arabian Sea. In addition, it constructed and sold residential buildings for institutional clientele such Clearing Corporation of India Limited (Dadar) and other financial institutions. In year 1990, the Company completed a residential project, 'Suraj Venture A' located at Mahim, Mumbai. In 1992, it sold a residential building `Vinayak Darshan' to a nationalized public sector bank at Dadar, Mumbai. In 1996, it sold a residential building known as `Suraj Heights III' at Goregaon (East), Mumbai to a leading private sector bank. In 2000, the Company sold 'ICICI Apartments', a residential project at Kirti College Lane, Dadar (West), Mumbai to a leading private sector bank for senior officers. It sold `NEAT House' in Dadar to a stock exchange. In 2005, it sold `Gloriosa Apartment' at Dadar (West), Mumbai, to Clearing Corporation of India Limited for their senior officers. In 2007, the Company sold `ICICI Apartments' located at Prabhadevi, Mumbai to a leading private sector bank as quarters for senior officials. In 2010, it sold `Saraswat Bank Bhavan' located at Prabhadevi as corporate office for Saraswat Co-operative Bank Limited. In 2012, `CCIL Bhavan' to suit commercial building at Dadar (West), Mumbai. Later in 2016, Accord Estates Private Limited, a Material Subsidiary, was formed with Runwal Realty Private Limited for development of a residential project known as `Nirvana' located at Parel (East). In 2017, 'Palette', a flagship project located at Dadar was launched, which later on got into a luxury residential segment of the real estate market in South Central Mumbai. It also launched sea luxury project , 'Ocean Star' at Dadar (West). Through the launch of Louisandra' residential project in Dadar, Mumbai, the Company got into value luxury segment, which comprised 1 BHK and compact 2 BHK in the South Central Mumbai. It launched a luxury project, `Ave Marie Apartments' at Dadar, Mumbai in 2019. In 2021, the Company purchased vacant land parcel at Tulsi Pipe Road from Tata Motors. It acquired investment from ICICI Ventures Funds Management Company for part financing project cost of newly launched value luxury project `Suraj Eterna'. It launched residential value luxury projects like `Vitalis' and `Suraj Eterna' at L.J. Road, Mahim, Mumbai. In 2022, the Company launched "Suraj Parkview 2" a residential value luxury project at Anant Patil Marg, Dadar (West). The Company launched an Initial Public Offer of 11,111,111 Equity Shares of Face Value of Rs 5/- each by raising funds from public aggregating to Rs 400 Crore through Fresh Issue in December, 2023. The Company launched a value luxury/luxury residential project `Suraj Lumina' at Mahim West in 2024.