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Sunteck Realty acquires approx. 50 acres in emerging micromarket, Vasind

Posted On: 2020-10-19 20:36:48


Sunteck Realty Ltd, India's leading luxury developer has entered into an agreement to acquire approx 50-acre land parcel in Vasind. The project will offer approximately 2.6 million square feet. Envisaged as a one of the large residential development under 'Sunteck World' brand in Thane District, the project will have a revenue potential of Rs. 1,250 crores (Rs. 12.5 Billion) spanning over next 4-5 years.

Commenting on the development, Mr. Kamal Khetan, Chairman and Managing Director, of Sunteck Realty Ltd said, "The second strategic acquisition amidst the pandemic complements our strategy to strengthen our brand presence. Our Vasind acquisition reflects our differentiated development philosophy of focusing on strategic locations along the growth vector. The project will be largely residential, catering to the affordable segment. With the ongoing Covid-19 scenario, I believe our upcoming projects will continue to fulfill the emerging customer needs: residential premises that complements today's lifestyle and suit the requirements for Work From Home."

"Our momentum, both on sales and the execution front, has been increasing post the lockdown and we remain confident of capitalizing on the opportunity at hand. We will continue to reward our investors through acquisition of such value deals," he added.

Apart from the affordability and expansive nature of the project, it is equally bestowed with a great locational connectivity, being strategically placed near the railway Station as well as located along the NH3 with access to key social and civic infrastructure in the area. The project will be a key addition to Sunteck's brand 'SunteckWorld' that boasts of Naigaon's mega project success of Phase 1 Sunteck WestWorld and Phase 2 Sunteck MaxXWorld to its credit.

Shares of SUNTECK REALTY LTD. was last trading in BSE at Rs.272.2 as compared to the previous close of Rs. 272.5. The total number of shares traded during the day was 24087 in over 810 trades.

The stock hit an intraday high of Rs. 277.9 and intraday low of 267.5. The net turnover during the day was Rs. 6550878.


Source: Equity Bulls

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