Sunteck Realty plans JDA to develop 10 mn sq ft at Shahad (Kalyan)
Revenue potential seen at approx. INR 9,000 crore
- The 50-acre project to see a potential development of approx. 1 crore sq ft (10 mn sq ft)
- Revenue generation of Rs 9,000 crore envisaged over the next 7-8 years
- To host a premium integrated residential development with aspirational luxury lifestyle
Mumbai, September 16, 2021: Sunteck Realty Limited, the BSE and NSE Listed premium property developer in Mumbai, plans to develop a marquee ~50-acre land parcel at Shahad (Kalyan). The company would develop an aspirational luxury integrated residential township in this location, under the asset light JDA model with Amar Dye Chem Ltd. This would be another exceptional acquisition by the company, establishing its presence in the Eastern suburbs of Mumbai Metropolitan Region (MMR).
The project is expected to generate a top line of around INR 9,000 crore over the next 7-8 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.
Since the first wave of COVID-19 in 2020, Sunteck has been the largest acquirer of highly value-accretive projects in the MMR – a trend it sustains even today. In fact, the company has considerably accelerated the acquisition momentum post the 2nd wave. This will be the fourth acquisition by Sunteck since the advent of COVID-19 pandemic. Before the Shahad (Kalyan) project, the company has done three project acquisitions at Vasai, Vasind and Borivali, totaling ~ 8 mn sq. ft. and this project will add another ~10 mn sq ft, thus, adding in total 18 mn sq ft to Sunteck’s portfolio.’
“We are happy to announce this value –accretive joint development plan with Amar Dye Chem Ltd. In-line with the trends seen post the pandemic, there is a growing de mand for good peripheral locations around major metros. Thus, we are pleased to announce our entry into MMR’s robust Eastern micro-market of Shahad (Kalyan). Market consolidation in favor of quality and well-funded real estate companies has been an ongoing trend and Sunteck has been a key beneficiary of this trend, contin uously expanding its business portfolio with attractive return opportunities. We shall bring in our best-in-class construction and development capabilities and endeavor to create a landmark development in this micro-market,” said Mr. Kamal Khetan, Chairman, Sunteck Realty Limited.
About Sunteck Realty:
Sunteck Realty Limited (SRL) is one of the fastest growing Mumbai-based luxury real estate development companies. SRL has an immaculate track record of having one of the lowest net Debt/Equity ratios, financial prudency and sustainable growth. The company focuses on a city centric development portfolio of about 38 million square feet spread across 19 projects. Sunteck Realty has differentiated its projects under five brands – ‘Signature’: Uber luxury residences, ‘Signia’: Ultra luxury residences, ‘Sunteck City’: Premium luxury residences, ‘Sunteck World’: Aspirational luxury residences, ‘Sunteck’: Commercial & Retail developments. The company has been a trendsetter in creating iconic destinations such as the flagship project, Signature Island at Bandra Kurla Complex (BKC), Sunteck City in Oshiwara District Centre (ODC), Goregaon and SunteckWorld at Naigaon – the largest township of MMR’s western Suburbs.
Disclaimer
Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. Sunteck Realty Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
