Listed Mumbai-based real estate firm Sunteck Realty Limited plans to invest Rs 2,500 to Rs 3,000 crore over a period of seven to eight years during the lifecycle of an integrated luxury residential township it intends developing on a 50-acre land parcel in Mumbai under the asset light joint development agreement model, Kamal Khetan, chairman and managing director, Sunteck Realty told Moneycontrol.
The 50-acre project is expected to see a potential development of approximately 1 crore sq ft (10 mn sq ft), the company said.
The project will be located in Shahad (Kalyan). The luxury integrated residential township in this location will be under the asset light JDA model with Amar Dye Chem Ltd. This would establish the company’s presence in the Eastern suburbs of Mumbai Metropolitan Region (MMR).
The project is expected to generate a top line of around Rs 9,000 crore over the next seven-eight years, further strengthening the cash flow and the balance sheet of the company. While Sunteck Realty has a very strong portfolio in the Western suburbs of the MMR, this project addition will strengthen the company’s portfolio in Eastern markets of the MMR as well, it said.