Listed realty developer Suraj Estate Developers, through its wholly owned subsidiary Iconic Property Developers, has signed a memorandum of understanding to acquire development rights for a land parcel in Mumbai's Mahim (West) for a total consideration of Rs 75 crore.The land parcel, spread across around 0.72 acres, is contiguous to the company's ongoing commercial project. The acquisition is expected to strengthen the developer's commercial footprint in South Central Mumbai and enhance its near-to-medium-term project pipeline, the developer said in a release.Upon amalgamation with the existing commercial development, the land parcel is expected to generate an additional saleable carpet area of around 1.50 lakh sq ft with an estimated gross development value (GDV) of Rs 800 crore.“With this acquisition the combined GDV of Suraj One Business Bay will be in excess of Rs 2,000 crores. Given the vantage position and connectivity of the said project, we anticipate strong institutional and end-user interest, driven by the project’s design excellence, and its sustainability-led approach,” said Rahul Thomas, Whole-time Director, Suraj Estate Developers.Mahim is among Mumbai's established real estate micro-markets and benefits from connectivity to key commercial districts including Lower Parel, Worli and Bandra Kurla Complex. The location continues to attract demand from occupiers and investors due to its strategic position within the city.Suraj Estate Developers has primarily focused on residential and commercial developments across South Central Mumbai, including Mahim, Dadar, Prabhadevi and Parel. The company has also expanded into the Bandra residential market.Since its inception, the developer has completed more than 45 projects with a developed area exceeding 1.6 million sq ft in the South-Central Mumbai region. Apart from completed developments, the company currently has 13 ongoing projects with a developable area of 2.35 million sq ft and saleable RERA carpet area of 7.55 lakh sq ft, along with 18 upcoming projects with an estimated sale carpet area of 1.21 million sq ft.