Shares of Sri Lotus Developers and Realty Ltd surged 3% to touch the day’s high of Rs 186.95 on 10th September after the company announced its appointment as the developer for a prestigious redevelopment project in Bandra West, Mumbai. The project is located in the heart of the city, near the iconic Bandstand Promenade.

Sri Lotus Developers said the Bandra West project will feature ultra-luxury homes with world-class design, premium amenities, and exclusive living. More details will be shared later.

The Mumbai-based company develops residential and commercial properties, mainly focusing on luxury and ultra-luxury redevelopment in the western suburbs. Its strategy includes aggressive land aggregation through joint development agreements and management development models, with IPO funds being used to accelerate projects over the next 24 months.

Currently, the company has 13 ongoing or upcoming projects in the western suburbs with a total saleable area of 16.9 lakh sq. ft. It also plans to expand into prime locations in South and Central Mumbai, including Nepean Sea Road and Prabhadevi. Of its portfolio, 54% are redevelopment projects and 46% are greenfield developments.

At 1:58 PM, the shares of Sri Lotus Developers were trading 2.74% higher at Rs 185.07 on NSE.

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