Sunteck Realty to enter second home market; acquires 110 acres riverfront land at Pen-Khopoli
The company has been strengthening its presence in the MMR (Mumbai Metropolitan Region) market as well as its credentials as one of the fastest-growing real estate companies in India.
India’s leading luxury real estate developer, Sunteck Realty has announced that it will enter the second home space with its recent acquisition of approximately 110 acres on the Pen-Khopoli Road under the asset-light JDA (Joint Development Agreement) strategy. The project has a prominent river frontage and the land will be used for plotted and luxurious bungalows development. The property has direct access to Pen-Khopoli main road and is situated close to Pen city.
Sunteck Realty has been one of the largest acquirers of projects over the last 18 months. The company has been strengthening its presence in the MMR (Mumbai Metropolitan Region) market as well as its credentials as one of the fastest-growing real estate companies in India.
The company has said in a filing with the exchange that, “Some of the recent acquisitions under the asset-light JDA (Joint Development Model) model include a marquee 50 acre land parcel at Shahad (Kalyan) with potential to develop 10 million square feet of an integrated residential township with a revenue generation of approximately Rs 9,000 crore, an approximately 50 acre in the superior sea-view location of Vasai (West) having a development potential of approximately 4.5 million square feet and a revenue potential of around Rs 5,000 crore, a large development of 2.6 million square feet at Vasind and the waterfront luxury residences at Borivali (West) having revenue potential of around Rs 1,800 crore, all totalling to approximately 18 million square feet. This new acquisition further adds 4-5 million square feet of development potential to the existing portfolio.”
Kamal Khetan, Chairman of Sunteck Realty said, “With the current project offering of a luxurious, larger second home for those yearning to be away from the hustles and bustles of the city, Sunteck is now present across the full value spectrum for our customers. We believe that the entry of Sunteck will add immense value to the development of the Pen-Khopoli real estate market.”
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 prudence and sustainable growth. The company focuses on a city-centric development portfolio of about 38 million square feet spread across 19 projects.
Shares of Sunteck Realty are currently trading in the red territory, down by more than 2 per cent during early market hours on Monday, October 18, 2021.