Sunteck Realty acquires a premium project in Mumbai; Stock up 1%

Sunteck Realty has acquired premium project near Lokhandwala, Andheri (West) for mixed-use development.

Sep 18, 2019 03:09 IST India Infoline News Service

India’s leading luxury developer, Sunteck Realty Ltd informed the exchanges post market hours Tuesday that it has acquired a prime project near Mumbai’s Lokhandwala, Off New Link Road, Andheri (West) with the potential for development of approx. 1.1 mn sq.ft in saleable area and a revenue of over Rs2,500cr in the next 4-5 years. 

The project has been acquired under asset light JDA model with a potential development of approximately 1.1 mn sq ft.
  • Revenue generation seen at over Rs 2500 crore in next 4-5 years.
  • Mixed-use development of residential, commercial & retail.
The project is acquired under the asset light Joint Development Agreement (JDA) model focused on establishing a strategic tie-up with credible partners, which will further strengthen the cash flow and balance sheet of the company. Sunteck will bring the luxury quotient along with the right offering, which will drive volume and garner the maximum potential to the project. It will set a new benchmark for luxury homes with the right mix of commercial and retail providing the right pricing and value to the
buyers.

Mumbai’s current real estate scenario gives an opportunity for trusted developers to maximize returns on unique opportunities in the market. Commenting on the development, Mr Kamal Khetan, Chairman and Managing Director, of Sunteck Realty Ltd, said: “During a time of consolidation in the industry, this acquisition gives us a significant edge by expanding our portfolio and footprint in the MMR. We at Sunteck believe in providing an outstanding product with a right mixed-use development that complements our premium portfolio and known strength in delivering the finest assets in a strategic location”.

The dynamic civic and social infrastructure, the project lies in close proximity to posh localities- Versova, Lokhandwala and Juhu. The project is located between the two major connectivity nodes of New link Road and Veera Desai Road.Some of the major connectivity and infrastructure projects announced like the upcoming metro lines add considerable leverage to the acquisition. The project has easy access and direct connectivity to most of the Mumbai via road and metro.

With this venture, Sunteck Realty is all set to redefine the luxury housing at the right pricing and value in an area which is home to some of the top-notch celebrities. “We look forward to creating homes that truly define luxury and bring in international class to the location. This will further augment our financial strength ” said Kamal Khetan.

Sunteck Realty Ltd is currently trading at Rs446 up by Rs5.8 or 1.32% from its previous closing of Rs440.20 on the BSE.

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