Ever thought of a Rs 500-crore apartment? Ultra-luxury apartments were synonymous with the likes of DLF Camellias with its units commanding prices as high as Rs 100 crore. Seeing the rising appetite from ultra high net worth individuals, another realtor is now entering the space with apartments that could cost as high as Rs 500 crore.
Sunteck Realty will develop two new ultra-luxury housing projects in Mumbai and Dubai under a by-invite-only real estate lifestyle brand 'Emaance'.
"We are entering into the ultra-luxury residential segment under a new brand Emaance, derived from the fusion of two words Immense and Indulgence, where each apartment cost will not be less than Rs 100 crore," Sunteck Realty CMD Kamal Khetan told PTI.
The realty major is planning to launch these two projects by June next year at Mumbai's Nepeansea Road and Dubai Downtown, Burj Khalifa Community. The Dubai project will be realtor's first project outside India.
"We are targeting to launch these two projects by June next year," Khetan said, adding that the gross development value of these two proposed projects would be around Rs 20,000 crore.
Residences under these two projects would be priced upwards of Rs 2.5 lakh per sq. ft, placing them among the most exclusive and expensive in the country.
Sunteck Realty Ltd is one of the leading real estate developers in the country.
The company has a development portfolio of about 52.5 million square feet spread across 32 projects.
Sunteck Realty Ltd has reported a 47 per cent increase in its consolidated net profit to Rs 33.43 crore in the first quarter of this fiscal.
Its net profit stood at Rs 22.78 crore in the year-ago period.
Total income, however, fell to Rs 201.53 crore in the April-June period of the 2025-26 fiscal year, from Rs 328.01 crore in the corresponding period of the preceding year. (With inputs from PTI)
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