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Sunteck Realty buys 50 acres at sea-facing locale in Mumbai’s Vasai, expects Rs 5,000 crore revenue

The project with a development potential of about 4.5 mn sq ft, will have an unobstructed view of the Arabian Sea and cater mostly to the mid-income segment

In one of the biggest real estate deals since lockdown, luxury developer Sunteck Realty has acquired a prime project of approximately 50 acres in the posh location of Vasai having a development potential of approximately 4.5 million square foot (mn sq ft) in the prime Mumbai Metropolitan Region (MMR).

Sunteck Realty has entered a joint development agreement with land-owners to construct the housing project that has a revenue potential of Rs 5,000 crore over the next five-seven years, the company said in a statement.

The project has an unobstructed view of the Arabian Sea and will largely cater to the mid-income segment. The company has a portfolio of about 31 mn sq ft spread across 26 projects.

“This project is the perfect example of our philosophy of making research-based, value-added acquisitions. 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,” said Kamal Khetan, Chairman and Managing Director, of Sunteck Realty.

“Despite the preceding economic slowdown and the subsequent impact of the Covid-19, Sunteck has kept the pace of development and its promise to the home buyers to deliver quality homes. We will continue to reward our investors through the acquisition of such value deals,” he added.

This project will be a key addition to Sunteck’s strong growth engines like ‘Signature Island’ at Bandra Kurla Complex (BKC), ‘SunteckCity’ at Oshiwara District Centre (ODC), Goregaon (West) and ‘SunteckWorld’ at Naigaon.

Moneycontrol News
first published: Jul 22, 2020 11:36 am