IBEF: July 23, 2020
Sunteck Realty entered a joint development agreement with land-owners to construct a housing project in the Mumbai Metropolitan Region that has a revenue potential of Rs 5,000 crore (US$ 709.32 million) over the next five-seven years.
According to the company’s regulatory filing, the agreement was done between multiple parties that own the land for the residential project in Vasai (West).
The company, in a separate filing, said that it has acquired a prime project of about 50 acres in Vasai (West), having a development potential of around 4.5 million sq ft in Mumbai Metropolitan Region (MMR).
"The project will have a revenue potential of Rs 5,000 crore (US$ 709.32 million) over the next five-seven years, further strengthening the cash flow and the balance sheet of the company," the company said.
Mr Kamal Khetan Chairman and Managing Director of Sunteck Realty said, “The project will largely cater to the mid-income segment, especially post the COVID-19 scenario, since it fulfils the emerging customer needs: residential premises that complement today's luxurious lifestyle and suit the requirements for work-from-home".
Mumbai-based Sunteck Realty is a luxury real estate development company and has a portfolio of about 31 million square feet spread across 26 projects.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.