 "realty sector, real estate, housing")
Real estate developer Sunteck Realty has been appointed as the developer for the redevelopment of a housing society in Mumbai’s Andheri (East). The gross development value (GDV) of the project is estimated to be ₹1,100 crore.
The land for the project, measuring approximately 2.5 acres (10,290 square metres), is located near the Western Express Highway, Mumbai. The project is expected to generate a free sale area of approximately 2.75 lakh square feet for the company, according to Sunteck’s stock exchange filing on Thursday (29 May).
Free sale area, in the context of a redevelopment project, refers to the portion of the project that remains after rehousing existing tenants and that a developer is allowed to sell in the open market.
The project is expected to be completed within three to four years from the commencement of construction to the handover date by the society. It will be executed through Sunteck’s wholly owned subsidiary.
The entire development will be funded through internal accruals of Sunteck Realty, the company noted. As of FY25, the company’s net debt-to-equity ratio stood at -0.04x, with a net cash surplus of ₹125 crore.
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 "The year was a mixed bag for the real estate industry as housing supply slowed down but record investments came in. Industry experts believe that demand will stabilise as sales are likely to be lower compared to 2023.")
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 "Q4, Q4 results")
 "The year was a mixed bag for the real estate industry as housing supply slowed down but record investments came in. Industry experts believe that demand will stabilise as sales are likely to be lower compared to 2023.")
Andheri (East) is one of the sought-after commercial and residential areas in Mumbai. In the first three months of 2025 (Q1 CY25), the area saw 290 new sale transactions with a gross sales value of ₹451 crore, according to Square Yards Data Intelligence, a real estate data analytics platform.
The current average property rate in the area, as of Q1 CY25, stood at around ₹35,163 per sq ft, down slightly from ₹35,374 per sq ft in Q1 CY24. Meanwhile, the rental rate in the region hovered around ₹77.9 per sq ft.
Earlier, Sunteck recorded its highest-ever pre-sales of ₹870 crore in Q4 FY25, up 28.32 per cent year-on-year. During the same period, the company’s collections stood at ₹310 crore, compared to ₹296 crore in Q4 FY24.
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