16 Sep , 2021 By : Kanchan Joshi
Sunteck Realty Limited, a property developer in Mumbai, plans to develop a 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, it announced in an exchange filing on Thursday.
The project is expected to generate a top line of around Rs9,000 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," Sunteck said.
The company said that this would be another acquisition, establishing its presence in the Eastern suburbs of Mumbai Metropolitan Region (MMR).
“Since the first wave of COVID-19 in 2020, Sunteck has been the largest acquirer of highly valueaccretive projects in the MMR - a trend it sustains even today. In fact, the company has considerably accelerated the acquisition momentum post the 2nd wave," it said. 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 around 8 mn sq. ft. and this project will add another around 10 mn sq ft, thus, adding in total 18 mn sq ft to Sunteck’s portfolio.
“In-line with the trends seen post the pandemic, there is a growing demand 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, continuously expanding its business portfolio with attractive return opportunities," said Kamal Khetan, Chairman, Sunteck Realty Limited.
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