The project has a revenue generation of Rs. 1,250 crore envisaged for next 4-5 years
Luxury real estate developer Sunteck Realty Ltd has entered into an agreement to acquire approximately 50-acre land parcel in the emerging micro market Vasind in Thane district that has a revenue potential of Rs 1250 crore spanning over the next four to five years.
The project will be developed into an approximately 2.6 mn sq ft integrated township. It will be largely residential, catering to the affordable segment, the company said.
“The second strategic acquisition amidst the pandemic complements our strategy to strengthen our brand presence. Our Vasind acquisition reflects our differentiated development philosophy of focusing on strategic locations along the growth vector,” said Kamal Khetan, chairman and managing director of Sunteck Realty Ltd.
“The project will be largely residential, catering to the affordable segment. With the ongoing Covid-19 scenario, I believe our upcoming projects will continue to fulfill the emerging customer needs: residential premises that complements today’s lifestyle and suit the requirements for work-from-home,” he said.
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The project offers locational connectivity, being strategically placed near the railway station as well as located along the NH3 with access to key social and civic infrastructure in the area.
The project will be a key addition to Sunteck’s brand ‘SunteckWorld’ that boasts of Naigaon’s mega project success of Phase 1 Sunteck WestWorld and Phase 2 Sunteck MaxXWorld to its credit.
Sunteck Realty Limited (SRL) is a Mumbai-based luxury real estate development company The company focuses on a city centric development portfolio of about 35 million square feet spread across 26 projects.
It has differentiated its projects under five brands - ‘Signature’: Uber luxury residences, ‘Signia’: Ultra luxury residences, ‘Sunteck City’: Premium luxury residences, ‘Sunteck World’: Aspirational luxury residences, ‘Sunteck’: Commercial and Retail developments.Some of its flagship projects include Signature Island at Bandra Kurla Complex (BKC), Sunteck City in Oshiwara District Centre (ODC), Goregaon and SunteckWorld at Naigaon - the largest township of MMR’s western Suburbs.