Suraj Estate Developers rise 4% on luxury housing project launch in Mumbai

A meeting of the board of directors of the company is scheduled to be held on February 12, 2024.

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The share price of Suraj Estate Developers gained more than 4 percent in the opening trade on February 7 after the company announced the launch of a residential project in Mumbai.

“The company has launched luxury residential project ‘Suraj Lumina’ at Veer Savarkar Marg in Mahim (West), Mumbai. The project lies under regulation 33(7) of DPCR in the Mumbai region,” the company said.

The project comprises of 35 units, including both 2BHK (ranging from 575 sqft to 622 sqft) and 3BHK (882 sqft) configurations, with total saleable carpet area of 22,376 sqft.

The gross development value estimated from the project is close to Rs 100 crore and is expected to be completed by December 2028.

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A meeting of the board of directors of the company is scheduled on February 12, to consider, approve, and take on record, the un-audited financial results along with limited review report thereon for the quarter ended December 31, 2023 and any other matter with the permission of the chair.

The share got listed on December 26 at Rs 343.80 on the BSE after its Rs 400-crore IPO was subscribed by 15.65 times, with investors bidding for 12.88 crore shares against an offer size of 82.35 lakh shares.