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Sunteck Realty forms partnership to develop 110-acre housing project in Maharashtra

This land would be used for plotted and luxurious bungalows development, it added.

 
 
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Sunteck Realty Ltd on Monday said it has formed a joint development agreement to develop a new housing project in Maharashtra on 110-acre land parcel. In a regulatory filing, Sunteck said it would ''enter the highly lucrative second home space with the acquisition of approximately 110 acres on the Pen-Khopoli Road under the asset light JDA (joint development agreement) strategy''.

This land would be used for plotted and luxurious bungalows development, it added.

This new acquisition further adds 4-5 million square feet of development potential to the existing portfolio, the filing said. Under the asset light JDA model, the company recently tied up for a 50-acre land parcel at Shahad (Kalyan) with potential to develop 10 million square feet of integrated residential township with a revenue generation of around Rs 9,000 crore.

It also entered into JDA for an approximately 50-acre land parcel in Vasai (West) having a development potential of 4.5 million sq ft and a revenue potential of around Rs 5,000 crore.

''We continue to make astute acquisitions and value-accretive diversifications within the housing real estate market, giving credence to the outlook that the industry is consolidating behind branded, financially strong developers,'' said Kamal Khetan, Chairman, Sunteck Realty Ltd.

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The company focuses on a city centric development portfolio of about 38 million square feet spread across 19 projects.
PTI
first published: Oct 18, 2021 01:29 pm

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