Sunteck Realty to invest Rs 1,000 cr to acquire stressed projs

City-based Sunteck Realty plans to invest Rs 1,000 crore in the next two years for acquiring distressed assets and entering joint development agreements to increase its portfolio, a top company official said.
"There are many projects where construction has commenced but due to financial conditions of the developers or some other reasons are stuck. Additionally there are opportunities for joint development in the metropolis where there are land parcels which can be utilised for development," company's Chairman and Managing Director Kamal Khetan told PTI.
He said the company plans to invest around Rs 1,000 crore over the next two years for such acquisition and joint development projects.

Sunteck, which is primarily in the premium luxury residential segment, is also exploring opportunities in the redevelopment space.
"We have already received approvals for one project in Andheri which we will launch soon. We are looking at other opportunities in the western suburbs and island city," Khetan said.
"In the next two years, we hope to have at least 2-3 such projects in our portfolio," he added.

The company, which has five operational commercial projects, is also developing two more projects in Sion and BKC each.
"Currently the residential segment contributes nearly 80 per cent to our revenues. But looking at the improving sentiment in the office space, we would also like to expand our commercial portfolio. We are looking at having nearly 40 per cent contribution from commercial segment in the next two years," he said.

Khetan further said the company will study the market conditions and take appropriate decision to undertake developing a standalone commercial project or a mixed-use development.