Shares of Sunteck Realty
was trading marginally lower on the NSE as the scrip is set to replace HDIL
in the Nifty Realty index with effect from September 28, 2018.
The scrip of Sunteck Realty Limited, Mumbai’s premium real estate developer catering to the premium and ultra-premium segments, has been included in the prestigious NSE index effective September 28, 2018.
Sunteck Realty Limited (SRL) has 25 projects aggregating to development potential of ~23mn sq.ft, of which about 70% is in the residential segment and the balance in commercial and retail segments. Out of the said development potential, the company has an economic interest on ~12m sq.ft. of area yet to be developed.
Sunteck Realty Ltd is currently trading down 0.21% at Rs513.30 from its previous closing of Rs514.40 on the BSE. The scrip opened at Rs512.50 and has touched a high and low of Rs521 and Rs508 respectively.
In Q1FY19, SRL launched fresh inventory at Sunteck City 1 & 2 through its “Big Home Benefits” campaign, which led to sales of 11 units in Avenue 1 and 35 units in Avenue 2. SRL is also looking to launch Avenue 3 and 4 in H2FY19, which may comprise residential property. SRL sold 2 units in BKC with a net realization of Rs55,000/sq.ft. With this, SRL has 49 units remaining in BKC, which it expects to sell in the next 2-3 years.
SRL plans to launch Phase I of the Naigaon project in Q2FY19, which consists of 2,500 units over an area of 1.5mn sq.ft. Of these, close to 1,500 units will be put up for sale at the launch. The Naigaon project could potentially bring in Rs3,700-4,500cr worth of revenue over its lifetime.