*Sunteck Realty acquires approx 50 acres in the posh location of Vasai (West)*
• A potential development of approximately 4.5 mn sq ft
• Revenue generation of Rs. 5,000 crore (Rs. 50 Billion) envisaged for next 5-7 years
• Luxury sea view living for mid-income group
Mumbai, July 22, 2020: In one of the biggest real estate deals post the lock-down India’s leading luxury developer, Sunteck Realty Ltd has acquired a prime project of approx. 50 acres in the posh location of Vasai (West), having a development potential of approx. 4.5 mn sq.ft in the prime Mumbai Metropolitan Region (MMR). The project will have a revenue potential of Rs. 5,000 crores (Rs. 50 Billion) over the next 5-7 years, further strengthening the cash flow and the balance sheet of the company.
With its captivating and unobstructed view of the Arabian Sea, the project – standing out in the heart of Vasai (West) - is all set to give a facelift to this upcoming micro-market in the MMR. The location also boasts of excellent connectivity, upcoming infrastructure developments and all major amenities around it.
Here too, Sunteck will follow it successful strategy and bring out the potential of the location to its maximum. This project will be a key addition to Sunteck’s strong growth engines like ‘Signature Island’ at Bandra Kurla Complex (BKC), ‘SunteckCity’ at Oshiwara District Centre (ODC), Goregaon (West) and ‘SunteckWorld’ at Naigaon.
Sunteck will break all existing benchmarks of luxury lifestyle and provide the right offering for mid-income homebuyers, which will drive volume and garner the maximum potential to the project.
Commenting on the development, Mr. Kamal Khetan, Chairman and Managing Director, of Sunteck Realty Ltd, said, “This project is the perfect example of our philosophy of making research-based, value-added acquisitions. The project will largely cater to the mid-income segment, especially post the Covid-19 scenario, since it fulfills the emerging customer needs: residential premises that complements today’s luxurious lifestyle and suit the requirements for Work From Home.”
“Despite the preceding economic slowdown and the subsequent impact of the Covid-19, Sunteck has kept the pace of development and its promise to the home buyers to deliver quality homes. We will continue to reward our investors through acquisition of such value deals,” he added.
About Sunteck Realty:
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 prudency and sustainable growth. The company focuses on a city centric development portfolio of about 31 million square feet spread across 26 projects. Sunteck Realty has differentiated its projects under five brands - ‘Signature’: Uber luxury residences, ‘Signia’: Ultra luxury residences, ‘Sunteck City’: Premium luxury residences, ‘Sunteck World’: Aspirational luxury residences, ‘Sunteck’: Commercial & Retail developments. The company has been a trendsetter in creating iconic destinations such as the flagship project, Signature Island at Bandra Kurla Complex (BKC), Sunteck City in Oshiwara District Centre (ODC), Goregaon and SunteckWorld at Naigaon - the largest township of MMR’s western Suburbs.
Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. Sunteck Realty Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.