Sunteck Realty stock jumps after MoU with SBI

Sunteck Realty and SBI have entered into a Memorandum of Understanding (MoU) to boost the residential housing sector under the bank’s 'Sapna Aapka – Bharosa SBI Ka' scheme by issuing bank guarantee for completion of projects to customers availing SBI home loans.

The bank's customers will now be able to secure their investment in ongoing home projects, financed by the bank itself. The Residential Builder Finance with Buyer Guarantee (RBBG) announced will focus on the affordable housing segment, with a home price of up to Rs 2.50 crore in seven Indian geographies initially. Under this product, reputed builders fulfilling the prescribed criteria set by the bank, including Star rating and CIBIL score, can avail loan between Rs 50 to Rs 400 crore.

Commenting on the development, Kamal Khetan, CMD, Sunteck Realty, stated that the collaboration was an endorsement of the company's strong brand and product offerings, its track record of timely delivery, its pristine balance sheet, and adherence to compliance.

Sunteck Realty is a real estate development company, primarily engaged in the business of real estate development and incidental services. The company is engaged in real estate activities with own or leased property and focuses on designing, developing, and managing residential and commercial properties. It is focused on city-centric developments spread-out across Mumbai Metropolitan Region (MMR).

At 9:30 am on Thursday, the stock was trading at Rs 444.65, up by 4.93 per cent or Rs 20.90 per share. The 52-week high is recorded at Rs 532 and the 52-week low is recorded at Rs 320.