*Sunteck Realty acquires 110 acres river front land at Pen-Khopoli To enter second-home market with plotted and luxurious bungalows development*
Mumbai, October 18, 2021: Sunteck Realty Ltd, India’s leading luxury real estate developer, will enter the highly lucrative second home space with the acquisition of approximately 110 acres on the Pen-Khopoli Road under the asset light JDA strategy. The project has a prominent river frontage. This land will be used for plotted and luxurious bungalows development. It has direct access to Pen-Khopoli main road and is located close to Pen city.
Sunteck Realty Ltd has been one of the largest acquirer of projects over the last 18 months, strengthening its presence in the MMR market as well as its credentials as one of the fastest growing real estate companies in India. Some of the recent acquisitons under the asset light JDA model include a marquee ~50 acre land parcel at Shahad (Kalyan) with potential to develop 10 mn sq ft of intergrated residential township with a revenue generation of approx. Rs 9,000 crore, an approx. 50 acre in the superior sea-view location of Vasai (West) having a development potential of approx. 4.5 mn sq ft and a revenue potential of around Rs 5,000 crore, a large devlopement of 2.6 mn sq ft at Vasind and the waterfront luxury residences at Borivali (West) having a revenue potential of around Rs 1,800 crore, all totaling to ~18 mn sq ft. This new acquisition further adds 4-5 mn sq ft of development potential to the existing portfolio.
“We continue to make astute acquisitions and value-accretive diversifications within the housing real estate market, giving credence to the outlook that the industry is consolidating behind branded, financially strong developers. 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 Pen-Khopoli real estate market.” said Mr. Kamal Khetan, Chairman, Sunteck Realty Limited.
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 38 million square feet spread across 19 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.