Sunteck Realty enters Dubai's market with ultra-luxury project pipeline

Mumbai co launched apartments at ₹250 crore apiece in Mumbai in Sept

Mumbai-based Sunteck Realty has said it will enter Dubai’s realty market with an ultra-luxury project pipeline of UAE Dirham

(AED) 15 billion (₹36,500 crore approx) over the next three years. It will begin with a residential project in Downtown Dubai, with a gross development value (GDV) of AED 5 billion (₹12,125 crore approx).

 

The first project, planned on a 2.5-acre land parcel owned by the company near the Burj Khalifa and Dubai Mall, is targeting realisation of over AED 5,000 (₹1.2 lakh) per sq ft.

 

“Dubai represents a natural next step in Sunteck’s growth journey. After establishing a strong foundation in Mumbai -- one of Asia’s most complex and design-forward markets -- we were ready to take our ethos of disruptive luxury to a global stage. Dubai emerged as the unequivocal choice for this expansion,” said Kamal Khetan, chairperson and managing director, Sunteck Realty.

 

Khetan said the company wants to focus on the UAE, particularly Dubai, for now, to stabilise and establish itself in the city before evaluating anything beyond it. Sunteck has already invested ₹500 crore for its Dubai ambitions, which also include possibilities of joint ventures.

 

“Investor-friendly policies, global connectivity, best-in-class infrastructure, tax-efficient environment and an unmatched concentration of ultra-high-net-worth residents have transformed Dubai into the world’s most future-ready luxury market,” Khetan added.

 

The company’s Dubai ambitions come on the back of its announcement in September, where it launched uber-luxury brand Emaance. Under Emaance, Sunteck will launch projects worth ₹20,000 crore across the next one year, where each apartment will span around 10,000 square feet. The projects will be priced at around ₹2.5 lakh per square foot.

 

Founded in the year 2000, and promoted by the Khetan family, Sunteck has 50 million square feet of portfolio spread across 32 developments in MMR and with a GDV of $5 billion.

 

With its Dubai foray, Sunteck joins Indian developers such as Sobha, Shapoorji Pallonji Real Estate and Casagrand that have a presence in the market.

 

Morgan Owen, managing director, Middle East & North Africa, Anarock Group, said, “Indian real estate developers are making a significant impact in Dubai and the wider Middle East. This is largely because they seek to diversify beyond their increasingly crowded home turf. The region’s strong regulatory environment and tax advantages also play a role. These developers are aiming for brand recognition and a solid long-term portfolio, tapping into ultra-high-net-worth individuals and premium liquidity sources that provide rental yields of 5-7 per cent.”

 

Owen added that UAE capital is increasingly flowing into India’s expanding economy, reflecting a structural shift in cross-border real estate strategies and regional investment patterns.

 

Sunteck’s UAE developments will be executed under Sunteck International, its global arm headquartered in the UAE. Dubai contributes 15-20 per cent to Sunteck’s overall portfolio, a range it aims to maintain, Khetan told Business Standard.

 

In the first half of 2025-26 (H1FY26), Sunteck recorded pre-sales of ₹1,359 crore across its Mumbai metropolitan region portfolio. Its residential portfolio has a GDV of ₹39,100 crore, as of H1FY26.

 

The company is also scaling its annuity income, with rental revenue expected to rise from ₹70 crore in FY25 to ₹320 crore by FY28-29, and capital value from ₹1,050 crore to ₹5,000 crore in the same period.

 

In H1FY26, the company’s revenue declined by 9.19 per cent year-on-year (Y-o-Y) to ₹440.7 crore, while its profit grew by 43.55 per cent Y-o-Y to ₹82.4 crore. The company is not planning any fundraising, citing “negligible debt and healthy cash flows”.

Its net debt stood at ₹126 crore in H1FY26, with a net debt-to-equity ratio of 0.04x.

 

While focused on Dubai’s residential market, Sunteck may explore commercial opportunities based on market conditions. “We see strong long-term potential in the UAE, but we want to build steadily and responsibly,” Khetan said.

 

The UAE remains the top destination for millionaire migration, with a net inflow of over 9,800 millionaires expected in 2025 (Henley & Partners). Khetan said Sunteck’s entry aligns with this momentum.