Sunteck Realty snaps up 16-acre Mumbai plot for Rs 300 cr

Real estate player Sunteck Realty today acquired a 16-acre plot for Rs 300 crore at the northern suburb of Goregaon.

"Kotak Realty [private equity firm] has funded the project to the extent of Rs 150 crore. The balance has been paid through internal accruals," Sunteck Realty Chairman and Managing Director Kamal Khetan said.

Prior to the acquisition, the company had seven acres in the area and its land bank in Goregaon has increased to 23 acres after the acquisition.

"Goregaon has emerged as the next most valuable destination for the company with 23 acres involving two projects, which would involve roughly 5-6 million sq ft of developable area," he added.

A project proposed on 16 acres will enable the company to develop about 4 million sq ft of multi-use development with a predominant share of residential units in addition to commercial and community retail locations.

On timeframe for completion of both projects, he said, "we expect to get clearances in the next 6-9 months. Once that is in place we will prepare a detailed plan."