Sunteck Realty acquires 110-acre land in Pen-Khopoli to enter second home space

The luxury real estate developer has forayed into the second home space with the acquisition of approximately 110 acres on the Pen-Khopoli Road in Maharashtra under the asset light joint development or JDA strategy.

The 110-acre project on Pen-Khopoli Road has a prominent river frontage. This land will be used for plotted and luxurious bungalows development. It has direct access to Pen-Khopoli main road and is located close to Pen city (Maharashtra).

Some of the recent acquisitons under the asset light JDA model include a marquee 50 acre land parcel at Shahad, Kalyan (Maharashtra) with potential to develop 10 million sq ft of intergrated residential township with a revenue generation of approx. Rs 9,000 crore; an approx. 50 acre in the superior sea-view location of Vasai (West) (Maharashtra) having a development potential of approx. 4.5 million sq ft and a revenue potential of around Rs 5,000 crore; a large devlopement of 2.6 million sq ft at Vasind (Maharashtra) and the waterfront luxury residences at Borivali (West), (Mumbai, Maharashtra) having a revenue potential of around Rs 1,800 crore, all totaling to 18 million sq ft. This new acquisition further adds 4-5 million sq ft of development potential to the existing 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.

Shares of Sunteck Realty lost 0.62% to Rs 506.40 on BSE. 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.

Powered by Capital Market - Live News