Sunteck Realty in its new avatar 'Sunteck 3.0' to focus only on JDAs
New Delhi: Mumbai-based Sunteck Realty plans to don a new avatar ‘Sunteck 3.0’ where it will focus primarily on JDAs and buy land only when it there is a compelling business opportunity.
“These are early days at Sunteck. We have recently embarked on Sunteck 3.0”, the company said in its latest investors presentation. As part of the new business course, the company plans to “sell off most of our Rs 1,800 crore of finished inventory in the next 3-4 years, focus on JDAs like Naigaon and Vasai with low capex requirements and acquire land only if opportunity is extremely compelling,”, the company said.
The company describes its journey since its inception in 2000 till 2006 as ‘Sunteck 1.0’ when it was a Business Center Operator at Bandra-Kurla Complex in Mumbai. The next phase from 2006 until now has been described by the company as ‘Sunteck 2.0’ when it developed projects like Signature Island, Signia Isles, Signia Pearl and Sunteck City.
Now in Sunteck 3.0 avatar, it plans to have “muted debt levels”. The company is also eyeing acquisition opportunities in the current scenario that has been created after demonetization, RERA, GST implementation, NBFC crisis and corona waves 1 and 2.
Meanwhile, the realty player also aims to exploit the opportunities offered by the Maharashtra government by pre-paying construction premium to the tune of Rs 250 crore between Oct-Dec 2021.
The Maharashtra government has cut by half the premium fees paid by real estate developers for both ongoing as well as new projects between 1 August and 31 December 2021.
The company’s consolidated net profit, interestingly, fell to Rs 42 crore in the last fiscal from Rs 75 crore in the previous fiscal.