*Sunteck Realty Limited - Operational update for Q2 FY20-21*
• Pre-sales grows by 98% Q-o-Q in Q2 FY21
• Collections up by 117% Q-o-Q in Q2 FY21
• High buyer interest for Signia High, Borivali & 1st Avenue, Sunteck City, Oshiwara District Centre, Goregaon (W)
Mumbai, October 7th, 2020: Sunteck Realty Limited (SRL), Mumbai’s premium real estate developer, has announced its Q2 FY20-21 operational updates.
Operational Data Q2FY21 Q1FY21 Q-o-Q Q2FY20 Y-o-Y H1FY21 H1FY 20 Y-o-Y
Pre-Sales (Rs cr) 200 101 98% 102 96% 301 287 5%
Collection (Rs cr) 141 65 117% 185 (24%) 206 375 (45%)
SRL saw a substantial growth in Pre-sales for Q2 FY21 at Rs 200 crore; it was up by 98% Q-o-Q and by 96% Y-o-Y as well. Collections also grew at 117% Q-o-Q to Rs 141 crore for FY21;
Following the resumption of operations post the lockdown in Mumbai, the Company has continued its strong sales momentum, supported by its digital platform, SunteckAer as well as various other marketing initiatives for the ready-to-move-in and nearing-ready inventory. With the construction activity inching towards pre-COVID levels, the Company remains focused on accelerating the progress across the portfolio to offset the time lost on account of the ongoing pandemic.
Commenting on the same, Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said, “Certainly, the momentum has picked up. A combination of favorable factors such as the reduced stamp duty and low interest rates is expediting the decision time cycle for prospective customers. We are observing a trend of enhanced interest and increased demand for some of our ready-to-move-in projects such as Signia High, Borivali, and 1st Avenue, Sunteck City, Oshiwara District Centre, Goregaon (W). By and large, there is a renewed interest for high quality products offered by large organized developers, especially those with strong balance sheet and high brand recall.”
“While our strong pre-sales in FY2020 would ensure higher collections in FY21, now, with the home loans getting disbursed again, we are confident that our collections will grow much stronger from here on,” he added.
About Sunteck Realty Ltd
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 35 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.