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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment or prepayment of borrowings
-
Land acquisition for future projects
-
General corporate purposes
-
(₹ in Crore)
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Suraj Estate Developers Limited is a Mumbai-based real estate company that has been developing residential and commercial properties in the South Central Mumbai micro-market, including Mahim, Dadar, Prabhadevi and Parel, since 1986. The company focuses on redevelopment of existing tenanted buildings and positions its residential offerings across the value luxury, luxury and premium price segments, with unit values ranging widely to suit different buyer profiles. As of late 2023 the company had completed 42 projects covering roughly 10.5 lakh square feet, alongside 13 ongoing projects with a developable area of about 20 lakh square feet and 16 further projects in the pipeline. The business relies on third-party contractors for construction execution rather than building in-house capacity, and is led by promoter Rajan Meenathakonil Thomas. The company listed on the NSE and BSE in December 2023 through an entirely fresh issue of equity shares, using the proceeds mainly to reduce existing borrowings and fund land acquisition for future projects, reflecting its redevelopment-led growth strategy in one of Mumbai's most sought-after residential corridors.
Ahead of the issue, the company raised close to 120 crore rupees from anchor investors at the cap price of 360 rupees per share, with participation from institutions including SBI General Insurance, Tata Housing Opportunities Fund, Aditya Birla Sun Life AMC, ITI Flexi Cap Fund, Meru Investment Fund, BNP Paribas Financial Markets, Societe Generale and Quantum State Investment Fund among others.
Source: RHP • Analysis provided for informational purposes
Last Updated: 17 July 2026, 5:30 AM
Strengths are not available
Concentration in a single Mumbai submarket
The business is heavily exposed to real estate conditions in South-Central Mumbai, so a slowdown in that specific market could disproportionately affect results.
Unsold inventory
The company carried a number of unsold units across its ongoing projects as of late 2023, which ties up capital until those units are sold.
Approval and regulatory delays
Several upcoming projects still require municipal approvals, and delays in securing them could push back launch and revenue timelines.
Reliance on third-party contractors
Construction is executed entirely through external contractors, so quality issues or delays on their part could affect project delivery.
Post-listing surveillance risk
The stock may be placed under exchange surveillance frameworks such as ASM or GSM after listing, which can affect trading liquidity and investor sentiment.
Suraj Estate Developers Limited
301, 3rd Floor, Aman Chambers, Veer Savarkar Marg, Opposite Bengal Chemicals, Prabhadevi, Mumbai, Maharashtra - 400025
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