Suraj expects Rs 1,876 crore project flow through FY31E

Suraj Estate Developers Ltd. says Rs 1,876 crore from its ongoing projects is expected to flow during FY26-FY31E. The amount comprises about Rs 1,168 crore of balance receivables from sold area and Rs 708 crore of estimated gross development value (GDV) from unsold area, based on 1.20 lakh square feet.

What makes up Suraj’s Rs 1,876 crore project flow?

Suraj’s stated Rs 1,876 crore flow comprises approximately Rs 1,168 crore due on sold area and Rs 708 crore of estimated GDV from unsold area. The first category is balance receivables against sales already achieved, while the second is an estimate based on future sales of remaining inventory at the company’s stated estimated realisation.

The ongoing portfolio had sold 6.36 lakh square feet at an average realisation of Rs 46,170 per square foot and received Rs 1,769.80 crore of collections. The detailed project schedule records Rs 2,938.09 crore of sales achieved and Rs 1,168.29 crore of balance receivables, while the summary rounds the latter amount to approximately Rs 1,168 crore.

The Rs 708 crore unsold-area estimate is based on 1.20 lakh square feet at an average estimated realisation of Rs 58,800 per square foot. That estimated rate is Rs 12,630 per square foot above the Rs 46,170 per square foot average achieved on the 6.36 lakh square feet already sold, and it is not reported as booked sales or collections.

Which projects have the largest balance receivables?

Suraj One Business Bay has the largest listed balance receivables at Rs 452.48 crore, followed by Suraj Parkview 1 at Rs 189.04 crore and Vitalis at Rs 152.50 crore. Together, the three projects account for Rs 793.02 crore of the detailed Rs 1,168.29 crore receivables total.

Suraj One Business Bay, a Mahim (West) commercial project, had achieved sales of Rs 496.20 crore and received collections of Rs 437.72 crore. It had sold 1.01 lakh square feet, retained 1.08 lakh square feet as unsold area and reported an average realisation of Rs 49,214 per square foot; its completion date filed with the Real Estate Regulatory Authority (RERA) is 31 December 2031.

Among projects with 2027 RERA dates, Vitalis has the highest balance receivables at Rs 152.50 crore, compared with Rs 93.67 crore for Palette and Rs 75.30 crore for Ocean Star-I. Palette had higher sales achieved at Rs 840.72 crore than Vitalis at Rs 338.39 crore, but had also collected Rs 747.05 crore, compared with Rs 185.89 crore for Vitalis.

When does Suraj expect the project flow to occur?

Suraj says the Rs 1,876 crore of sold-area receivables and unsold-area GDV is expected to flow from FY26 to FY31E. Its completion-target presentation groups projects under FY27, FY28, FY29 and FY31, but does not provide an annual breakdown of collections or GDV conversion.

The FY27 target grouping names The Palette, Saraswat Bank and Ocean Star by Suraj. Separately, the detailed schedule lists RERA dates of 31 January 2027 for Palette, 31 March 2027 for Ocean Star-I, and 30 April 2027 for Vitalis, Suraj Eterna, Suraj Parkview 2 and Emmanuel.

Suraj’s FY28 grouping names Suraj Emmanuel, CL, Suraj Eterna, Suraj Vitalis and Suraj Park View, while its FY29 grouping names Suraj Lumina. The project table gives Suraj Lumina a RERA-filed date of 31 December 2028, illustrating that the presentation’s completion-target groupings and individual RERA dates are different disclosures rather than an annual cash-flow schedule.

How does unsold inventory affect Suraj’s expected flow?

Unsold inventory contributes Rs 708 crore of estimated GDV to Suraj’s Rs 1,876 crore stated flow, compared with approximately Rs 1,168 crore of receivables from sold area. The unsold component is based on estimated future selling prices, whereas the sold-area component relates to outstanding amounts after recorded sales of Rs 2,938.09 crore.

Suraj One Business Bay contains 1.08 lakh square feet of the portfolio’s 1.20 lakh square feet of unsold area. Suraj Aureva has 0.06 lakh square feet unsold, while Suraj Lumina and Suraj Parkview 1 each have 0.03 lakh square feet and Suraj Eterna has 0.01 lakh square feet.

Suraj has entered into a memorandum of understanding to acquire development rights for an adjoining parcel at Suraj One Business Bay. Management says this could increase the project’s total land area to about 5,941 square metres and saleable area to about 3.59 lakh square feet, with combined GDV potential rising to about Rs 2,000 crore from about Rs 1,200 crore; this potential is separate from the current Rs 1,876 crore summary.

What completion and approval factors should readers track?

RERA dates range from 30 April 2027 for Vitalis and 31 December 2031 for Suraj Aureva, Suraj Parkview 1 and Suraj One Business Bay. The presentation says specified projects received an automatic four-month extension under MahaRERA Order No. 66 of 2026, dated 7 August 2026, and that their RERA dates were extended accordingly.

CCIL Bhavan Phase II had received a part occupation certificate for its seventh and eighth floors and carries Rs 17.94 crore of balance receivables. Saraswat Bank Bhavan has Rs 12.75 crore of receivables and no applicable RERA completion date in the project table, whereas Suraj One Business Bay combines the latest listed 31 December 2031 date with the largest receivable balance of Rs 452.48 crore.

Conclusion

Suraj’s Rs 1,876 crore stated flow combines approximately Rs 1,168 crore of receivables from sold area with Rs 708 crore of estimated GDV from unsold area. The distinction is material because the detailed table supports sold-area receivables of Rs 1,168.29 crore, while the unsold portion depends on selling 1.20 lakh square feet at the estimated average realisation of Rs 58,800 per square foot.

The next disclosures to watch are the FY27 through FY31 completion targets, progress on the RERA dates following the four-month extension mechanism, and sales conversion at Suraj One Business Bay. Management’s adjoining-land memorandum of understanding for that project could raise its combined GDV potential from about Rs 1,200 crore to about Rs 2,000 crore, subject to the stated development expectation.