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Sunteck Realty gains after providing Q3 update

Capital Market 

Sunteck Realty gained 2.55% to Rs 380.35 after the real estate developer said it saw a robust growth in pre-sales for Q3 December 2020 at Rs 349 crore.

Sunteck Realty's pre-sales grew by 75% quarter on quarter (QoQ) and increased 7% year on year (YoY) in Q3 December 2020. Collections grew at 79% QoQ and surged by 52% YoY to Rs 252 crore in Q3 December 2020.

As the operations resume post lockdown, Sunteck Realty said it continued its strong sales momentum, supported by its ready-to-move-in, nearing-ready inventory as well as newly launched projects. With the construction activity returning to pre-COVID levels, the company remains focused on accelerating the project progress across the portfolio to offset the time lost on account of the ongoing pandemic.

Commenting on the Q3 performance, Kamal Khetan, chairman and MD of Sunteck Realty said, a combination of favorable factors such as the reduced stamp duty and low interest rates is expediting the home purchase decision.

Sunteck Realty is one of the fastest growing Mumbai-based luxury real estate development companies. The company focuses on a city centric development portfolio of about 38 million square feet spread across 27 projects.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, January 12 2021. 09:16 IST
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