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.
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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.
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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.