Shares of Sunteck Realty rose in early trade on September 12 after the company said it has acquired a land parcel in the posh location of Beverly Park at Mira road in Mumbai.
At 10:48am, the scrip traded at Rs 463.10 apiece on the BSE, up 0.95 percent, while the benchmark Sensex was up 333.72 points or 0.56 percent at 60,126.86.
The luxury real estate developer has acquired a posh land parcel of 7.25 acres at Beverly Park, Mira Road under the JDA (joint development agreement) model. The project is estimated to have development potential of approx 2.5 million square feet built up area and a revenue potential of around Rs 3,000 crore, the company said.
“Sunteck plans to develop luxurious residences,” the company said.
Sunteck Realty has made multiple acquisitions to the tune of 25.5 million square feet at Borivali West, Vasai West, Shahad-Kalyan, Vasind, Pen-Khopoli. The latest acquisition takes the total development portfolio to 52.5 million square feet across 20 projects. This has further strengthened Sunteck’s presence in the Mumbai Metropolitan Region (MMR) market. With continuous acquisitions the company has gained a strong foothold in the western suburbs of Mumbai.
“We have continued with our strategy to acquire projects at prime pockets of MMR and create value for our stakeholders,” said Kamal Khetan, Chairman, Sunteck Realty. “This acquisition is very salient for us as this project is in one of the best locations with beautiful scenic views. We envisage to create the most luxurious lifestyle residential apartments with unmatched amenities never experienced before in that micro market.”
ICICI Securities in its report last month had given a 'BUY' rating on the stock with target at Rs 590.
“The company has given a formal guidance of Rs 1800 crore of FY23 sales bookings which is expected to be driven by 3.35 million square feet of new launches including the Vasai project and new phases in ODC, Goregaon and Naigaon,” the broker underlined.
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