Suraj Estate Acquires Hally Pacific, Set to Develop Prime Land in Mumbai’s Prabhadevi
Realty developer Suraj Estate Developers has completed the acquisition of 100% shares of Hally Pacific Pvt Ltd, a company that owns a strategically located vacant land parcel spread over nearly one-fifth of an acre on Sayani Road in central Mumbai’s Prabhadevi. This acquisition has been completed pursuant to a Share Purchase Agreement executed on February 20, for a total consideration of over Rs 30.40 crore. With this, Hally Pacific has become a wholly owned subsidiary of the developer.
Suraj Estate Developers is planning to undertake development on the said land parcel with an estimated sale carpet area of over 36,700 sq ft and an estimated Gross Development Value (GDV) of around Rs 200 crore. The acquisition marks another significant step in strengthening the company's development pipeline within its core South-Central Mumbai markets.
Rahul Thomas, Whole-time Director of Suraj Estate Developers, commented, “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.”
The company has previously developed institutional projects such as the Saraswat Bank Bhavan, which spans 60,000 sq ft in Prabhadevi, and the 90,000-sq-ft CCIL Bhavan in Dadar. Suraj Estate Developers has so far completed 45 projects with a developed area of over 1.6 million sq ft in the South-Central Mumbai micro market. The company currently has 13 ongoing projects with a developable area of 2.35 million sq ft and 17 upcoming projects with an estimated sale carpet area of 1.19 million sq ft.
This strategic move by Suraj Estate Developers underscores the company's commitment to leveraging prime locations and robust market demand in South-Central Mumbai. The acquisition of Hally Pacific Pvt Ltd is expected to further solidify Suraj Estate Developers' position in the competitive Mumbai real estate market.
