Sunteck Realty has entered into a joint development agreement (JDA) to undertake a 2.5 million square feet project on a 7.25 acre land parcel in Mira Road near Mumbai.
The project is estimated to have a total revenue potential of around Rs 3,000 crore.The company has entered into partnership with JLL, a firm specializing in real estate and investment management for this land parcel in the Beverly Park locality of Mira Road.
We have continued with our strategy to acquire projects at prime pockets of MMR and create value for our stakeholders. This acquisition is very salient for us as this project is in one of the best locations with beautiful scenic views. We envisage to create the most luxurious lifestyle residential apartments with unmatched amenities never experienced before in that micro market. We will continue to maintain and build luxury in its true sense with every project we do said Kamal Khetan, chairman of Sunteck Realty.
We are witnessing a tremendous amount of deal activity, be it trades involving high capital outflows or asset light models like joint developments, joint ventures or developer management contracts. Since the pandemic, the residential market both in terms of sales as well as new project acquisition is evidently consolidating amongst financially sound and operationally capable developers. said Nishant Kabra, co-head - capital markets (West India), India, JLL.
Sunteck Realty (SRL) is one of the fastest growing Mumbai-based luxury real estate development companies. On a consolidated basis, the realty company reported 723% jump in net profit to Rs 24.94 crore on a 54.7% rise in net sales to Rs 143.50 crore in Q1 FY23 over Q1 FY22.
Shares of Sunteck Realty were up 0.95% to Rs 463.10 on the BSE.
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