Sunteck Realty acquires land in Mumbai for housing project; eyes Rs 1,750 cr revenues from the project
New Delhi: Mumbai-based Sunteck Realty Ltd has acquired 7 acre land at Borivali (West) in Mumbai for a luxury housing project which will have about 1 million square feet of development potential. The land parcel has been acquired as part of asset-light JDA model.
The project will generate revenues of Rs 1,750 crore in the coming 4-5 years that will strengthen the cash flows of the company, Sunteck said in a statement.
“We are pleased to have entered this joint venture. Our endeavor is to create a landmark development in this micro-market” said Kamal Khetan, Chairman, Sunteck Realty Ltd.
The deal was facilitated by JLL India.
"Historically low home loan rates along with government incentives as well as rationalisation of prices by real estate developers has led to healthy ready inventory absorption in the past few quarters. As such, we feel the trend to percolate to newer launches and under-construction projects as well. Stronger brands should continue to observe aggressive sales going ahead" said Nishant Kabra, Senior Director & Head – Land and Development Services (West India), JLL India.