Sunteck Realty spurted 4.34% to Rs 291 after the company said it has secured a 7 acre land parcel at Borivali (West), Mumbai to develop a luxury residential project.
Acquired under the asset light Joint Development Agreement ('JDA') model, the residential project in the western suburbs of the city is spread across 7 acres and will have approximately 1 mn sq. ft of development potential. It is expected to generate a project top line of around Rs 1,750 crore over the next 4-5 years further strengthening the cash flow and the balance sheet of the company.Commenting on the latest acquisition, Kamal Khetan, the chairman of Sunteck Realty, said: "We are pleased to have entered this joint venture. Given the land parcel is overlooking the sea, this development shall provide an opportunity to curate a unique and world class residential product consistent with the Sunteck brand. We shall bring in our best in class construction and development capabilities of luxury living. Our endeavor is to create a landmark development in this micro-market."
The real estate developer's consolidated net profit skid 34.2% to Rs 22.15 crore on 3.3% increase in net sales at Rs 204.65 crore in Q3 December 2020 over Q3 December 2019.
Sunteck Realty is one of the fastest growing Mumbai-based luxury real estate development companies. The company focuses on a city centric development portfolio of about 38 million square feet spread across 27 projects.
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