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Suraj Estate Developers acquires Hally Pacific to develop Prabhadevi land parcel
Mumbai real estate: Suraj Estate Developers plans to undertake a new development on the Prabhadevi site, which has a projected GDV of nearly ₹200 crore
Mumbai-based Suraj Estate Developers Limited on February 24 announced the completion of its acquisition of 100% shares of Hally Pacific Private Limited, which owns a vacant land parcel in Prabhadevi. The company plans to undertake a new development on the site, which has an estimated saleable carpet area of about 0.367 lakh sq ft and a projected Gross Development Value (GDV) of nearly ₹200 crore.
According to the company, the acquisition was completed pursuant to a Share Purchase Agreement executed on February 20, 2026, for a total consideration of approximately 30.40 crore, resulting in Hally Pacific Private Limited becoming a wholly owned subsidiary of the company.
"The acquired entity owns a vacant land admeasuring approximately 717.39 square meters situated at Prabhadevi, one of Mumbai’s established micro-markets characterised by strong demand fundamentals, excellent connectivity, and proximity to key commercial districts such as Lower Parel and Worli," the company said in its statement.
The company intends to undertake development on the project site, which has an estimated saleable carpet area of 0.367 lakh sq ft and an estimated Gross Development Value (GDV) of approximately ₹200 crore.
"The project is expected to strengthen the Company’s near-to-medium term upcoming projects pipeline and further consolidate its presence in its core operating micro-market of South-Central Mumbai," the company statement said.
“This acquisition marks another significant step in strengthening our development pipeline within our core South Central Mumbai markets. The Prabhadevi micro-market continues to demonstrate strong demand fundamentals supported by excellent connectivity and established social infrastructure. With an estimated GDV of approximately ₹200 crore, the project bolsters our portfolio of upcoming projects, thereby enhancing our medium-term revenue visibility," said Rahul Thomas, whole-time Director, Suraj Estate Developers.
“We believe this project will contribute meaningfully to long-term value creation for our stakeholders while further strengthening our position in the South-Central Mumbai development landscape,” the company said.
