Ace Investor Sundar Iyer Picks Over 1% Stake In Suraj Estate Developers

Suraj Estate Developers Limited is a leading real estate player focused on the South Central Mumbai (SCM) market with a specialisation in redevelopment. The company's latest shareholding shows that ace investor Sundar Iyer has picked over a 1% stake in Suraj Estate Developers.

Earlier, the company reported earnings for Q4FY24. Suraj Estate Developers further added, "The residential real estate market in India soared in Q1 of calendar year 2024, fueled by persistent high demand. High-end and luxury segments led the charge, while the mid-range maintained its dominance in launches.

FY24 was a year of strong performance for us where we achieved a remarkable 35% increase in sales over FY23 and an 111% growth in Profit After Tax as compared to the previous year. Our effective cost control measures led to a growth of 54% in our EBITDA thereby improving our margins by ~710 bps. Operationally during the year, we sold 1,07,136 sq ft translating to sales of Rs 483 crores. Collections for the year stood at Rs 316 crores. Focus during the year was on selling luxury projects which reflects in improved realisations of Rs 45,074 per sq ft in FY24 vs Rs 42,420 per sq ft in FY23."

Suraj Estate Developers has been involved in the real estate business since 1986 and they develop real estate across the residential and commercial sectors in the South Central Mumbai region. The company 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 they have established their presence. The company is focused primarily on value luxury, luxury segments and commercial segments. The company is now venturing into residential real estate development in the Bandra sub-market. The focus area of operation is the South-Central region in Mumbai mainly consisting of Mahim, Matunga, Dadar, Prabhadevi and Parel, as their expertise lies in the redevelopment of tenanted properties. Since most of the land parcels in the South Central Mumbai market are in the nature of redevelopment projects, the company's core competence lies in tenant settlement which is a key element for unlocking the value of such land parcels.

Suraj Estate Developers identify properties having cessed/ non-cessed structures with existing tenants and tie up with the landlords of such tenanted properties by entering into a development agreement or on an outright purchase basis through a conveyance deed. Since incorporation, Suraj Estate Developers have completed 42 projects with a developed area of more than 1,046,543.20 square feet in the South-Central Mumbai region. In addition to the completed Projects, the company has 13 ongoing projects with a developable area of 2,034,434.40 square feet and a saleable RERA carpet area of 609,928 square feet and 16 upcoming Projects with an estimated carpet area of 744,149 square feet.