About Suraj Estate Developers Limited

Suraj Estate Developers Limited is a Mumbai-focused real estate developer with 38 years of experience in the South-Central Mumbai (SCM) market. The Company has completed 42 projects across residential and commercial segments, with 13 ongoing projects and 18 upcoming, and is a leading player in redevelopment under DCPR 33(7). Its portfolio spans value luxury and luxury homes, as well as built-to-suit commercial spaces for select clientele in SCM sub-markets such as Mahim, Matunga, Dadar, Prabhadevi and Parel; Bandra is an upcoming focus area within the Mumbai Metropolitan Region (MMR).

The Company’s journey began in 1986, followed by its maiden residential project at Mahim (W) in 1990. Key milestones include delivering CCIL Bhavan at Dadar (W) in 2012, entering the luxury segment with “Palette” at Dadar (W) in 2017, and raising Rs 2,000 Million term loan from Piramal Capital & Housing Finance in 2018. In 2023, Suraj raised Rs 400 crore through a listing on BSE and NSE, entered society redevelopment (asset-light model), and launched Suraj Parkview 2 at Dadar. In 2024, it secured approximately Rs 343 crore via a preferential issue of equity shares and share warrants. The Company operates primarily in Mumbai; geographies highlighted in its portfolio and land reserves include SCM and Bandra (W)/Santacruz (E) within MMR.

Suraj Estate Developers Limited’s Business Segments

Revenue by product vertical (Q2FY25): 

• Luxury 40.9%; 
• Value luxury 59.1% .

Suraj Estate Developers Limited Key Management

• Rajan Meenathakonil Thomas – Promoter, Chairperson & Managing Director
• Rahul Thomas – Executive Director
• Rahul Rajan Jesu Thomas – Whole-time Director
• Shreepal Shah – Chief Financial Officer
• Shivil Kapoor – Company Secretary & Compliance Officer

Latest Updates on Suraj Estate Developers Limited

• The Company secured ~Rs 343 crore via a preferential allotment of equity shares (~Rs 243 crore) and fully convertible warrants (~Rs 100 crore). It issued 34,12,277 equity shares of Rs 5 each at Rs 714 per share (raising Rs 243,63,65,778) and approved 13,30,000 warrants at Rs 750 per warrant (Rs 99,75,00,000). Post-issuance, Promoter & Promoter Group holding is expected to dilute from 74.95% as of September 30, 2024 to 67.71% on a fully diluted basis. About Rs 243 crore from shares and an advance of ~Rs 25 crore from warrants were received in October 2024; the balance is expected within 18 months, earmarked for land acquisition, working capital, general corporate purposes and issue expenses.
• Operationally, Q2FY25 pre-sales grew 26% y-o-y; realisations increased 10% y-o-y; collections rose 89% y-o-y. For Q2FY25, 40.9% of revenue came from luxury units and 59.1% from value luxury units.
• Recognitions: Luxury Realty Partner Award 2024 at ET NOW Realty Convention & Best Realty Brands; earlier honours include Developer of the Year (2022, CNBC Awaaz) and Promising Developer of the Year (2023, Ace Alpha Awards).