Financial Wire

Suraj Estate Developers Acquires Dadar, India Land for INR180 Million; Shares Jump 13%

-- Suraj Estate Developers (NSE:SURAJEST, BOM:544054) has acquired a land parcel in Dadar (West), Mumbai, at a total acquisition cost of about 180 million Indian rupees, including consideration for area to be handed over to landowners and related charges, according to a filing with the Indian bourses on Wednesday.

Shares of the real estate developer fell jumped nearly 13% in Thursday's trade.

The company plans to redevelop the plot with a saleable carpet area of about 18,000 sq ft, with an estimated gross development value of around 1 billion rupees, the filing said.

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