The real estate company said it entered into an agreement to acquire approximately 50-acre land parcel in Vasind (Thane district).
The project will offer approximately 2.6 million square feet. Envisaged as a one of the large residential development under 'Sunteck World' brand in Thane District, the project will have a revenue potential of Rs. 1,250 crore spanning over next 4-5 years, Sunteck Realty said in a statement before market hours today, 20 October 2020.
Commenting on the development, Kamal Khetan, the chairman and managing director (MD) of Sunteck Realty, said: "The project will be largely residential, catering to the affordable segment. Our momentum, both on sales and the execution front, has been increasing post the lockdown and we remain confident of capitalizing on the opportunity at hand. We will continue to reward our investors through acquisition of such value deals," he signed off.
The project will be a major addition to Sunteck's brand 'SunteckWorld' in Naigaon's mega project of Phase 1 Sunteck WestWorld and Phase 2 Sunteck MaxXWorld.
The company's consolidated net profit slumped 91.6% to Rs. 3.06 crore on a 65.2% drop in net sales to Rs 60.72 crore in Q1 June 2020 over Q1 June 2019.
Shares of Sunteck Realty were down 0.69% to Rs. 271.85. Sunteck Realty is a Mumbai-based luxury real estate development company. It focuses on a city centric development portfolio of about 35 million square feet spread across 26 projects.
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