 "Sunteck Realty to develop Mira Road land parcel with ₹1,200 crore GDV")
Real estate firm Sunteck Realty has entered into a joint development agreement (JDA) to develop a 3.5-acre land parcel in Mumbai’s Mira Road. The project is expected to have a gross development value (GDV) of ₹1,200 crore.
The land parcel is located alongside the Western Express Highway and offers a development potential of around 5.5 lakh square feet of RERA carpet area.
The company considers Mira Road a fast-emerging micro-market. It already has a premium-luxury project, Sunteck SkyPark, in the area, which has recorded sales of more than ₹1,000 crore.
Kamal Khetan, chairman and managing director of Sunteck Realty, said:
"This JDA reinforces our commitment to expanding in high-potential growth corridors of MMR. Mira Road, with its robust infrastructure pipeline and superior connectivity, offers an ideal canvas for creating a landmark luxury residential development. As seen with Sunteck SkyPark, we believe in transforming locations into lifestyle destinations. With this new development, we aim to deliver living experiences that elevate the value of the entire neighbourhood."
Located with direct highway frontage, the site is adjacent to the upcoming Metro Line 9 (Miragaon Station) and is expected to benefit from access to Dahisar and Mira Road railway stations. Moreover, upcoming infrastructure initiatives such as the Borivali–Thane Tunnel and the Coastal Road Extension are expected to further enhance connectivity, making the location more attractive for discerning homebuyers and investors, the company claimed.
Earlier in May, the company was appointed as the developer for the redevelopment of a housing society in Mumbai’s Andheri (East). The GDV of that project is estimated at ₹1,100 crore. It is expected to generate a free-sale area of approximately 2.75 lakh square feet for the company, Sunteck Realty stated.
Additionally, earlier this month, the Mumbai-based firm reported a 46.75 per cent year-on-year (Y-o-Y) increase in net profit for the first quarter of the financial year 2026 (Q1 FY26), at ₹33.43 crore. The company’s profit in Q1 FY25 was ₹22.78 crore.
The firm’s share listed on the Bombay Stock Exchange (BSE) closed at ₹437.75 per equity share on Wednesday (July 23). Its market capitalisation stands at approximately ₹6,412.56 crore.