India's leading luxury developer, Sunteck Realty Ltd has acquired a prime project near Mumbai's Lokhandwala, Off New Link Road, Andheri (West) with the potential for development of approx. 1.1 mn sq.ft in saleable area and a revenue of over Rs 2,500 crore in the next 4-5 years.
The project is acquired under the asset light Joint Development Agreement (JDA) model focused on establishing a strategic tie-up with credible partners, which will further strengthen the cash flow and balance sheet of the company.
Sunteck will bring the luxury quotient along with the right offering, which will drive volume and garner the maximum potential to the project. It will set a new benchmark for luxury homes with the right mix of commercial and retail providing the right pricing and value to the buyers.
Mumbai's current real estate scenario gives an opportunity for trusted developers to maximize returns on unique opportunities in the market.
Commenting on the development, Mr Kamal Khetan, Chairman and Managing Director, of Sunteck Realty Ltd, said: "During a time of consolidation in the industry, this acquisition gives us a significant edge by expanding our portfolio and footprint in the MMR. We at Sunteck believe in providing an outstanding product with a right mixed-use development that complements our premium portfolio and known strength in delivering the finest assets in a strategic location."
The dynamic civic and social infrastructure, the project lies in close proximity to posh localities- Versova, Lokhandwala and Juhu. The project is located between the two major connectivity nodes of New link Road and Veera Desai Road.Some of the major connectivity and infrastructure projects announced like the upcoming metro lines add considerable leverage to the acquisition. The project has easy access and direct connectivity to most of the Mumbai via road and metro.
With this venture, Sunteck Realty is all set to redefine the luxury housing at the right pricing and value in an area which is home to some of the top-notch celebrities. "We look forward to creating homes that truly define luxury and bring in international class to the location. This will further augment our financial strength" said Kamal Khetan.
Shares of SUNTECK REALTY LTD. was last trading in BSE at Rs.440.2 as compared to the previous close of Rs. 457.35. The total number of shares traded during the day was 31266 in over 1137 trades.
The stock hit an intraday high of Rs. 463.4 and intraday low of 432.75. The net turnover during the day was Rs. 14103403.