Sunteck Realty rose 1.57% to Rs 433.40 after the real estate firm planned to develop a 50-acre land parcel in Shahad, Kalyan (Maharashtra).
The company would develop a luxury integrated residential township in this location, under the asset light Joint Development Agreement (JDA) model with Amar Dye Chem. This acquisition would help Sunteck Realty establish its presence in the Eastern suburbs of Mumbai Metropolitan Region (MMR). The project is expected to generate a top line of around Rs 9,000 crore over the next 7-8 years, strengthening the cash flow and the balance sheet of the company. This will be the fourth acquisition by the realty firm since the beginning of COVID-19 pandemic.
Before the Shahad (Kalyan) project, Sunteck Realty has done three project acquisitions at Vasai, Vasind and Borivali (Mumbai, Maharashtra) totaling 8 million sq. ft. and will add another 10 million sq ft - thus, adding in total 18 million sq ft to Sunteck Realty's portfolio.
On a consolidated basis, Sunteck Realty reported a net profit of Rs 3.03 crore in Q1 June 2021 as compared to a net loss of Rs 3.08 crore in Q1 June 2020. Net sales jumped 68.7% to Rs 92.74 crore in Q1 FY22 over Rs 54.97 crore in Q1 FY21.
Sunteck Realty (SRL) is one of the fastest growing Mumbai-based luxury real estate development companies. SRL focuses on a city centric development portfolio of about 40 million square feet spread across 28 projects.
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