I sincerely hope that you and your families are safe and doing well.
Fiscal year 2021 started with an unprecedented event and an environment neverexperienced before. Last year has brought about some tremendous learnings for me as anindividual and for Sunteck as a business. From improvements to learnings changes toadaptations we have left no stone unturned at Sunteck to further solidify the businessright from its roots. On that note I am extremely glad to introduce the next leg of ourSunteck journey what I humbly call Sunteck 3.0.
As we embark on our new journey we aim to maintain an asset light balance sheet byselling off most of our INR 1800 crores of finished inventory in the next 3-4 years.Focussing on JDA's like Naigaon Vasai Vasind and Borivali with low capex requirementswe wish to acquire land only if the opportunity is extremely compelling and helps usmaintain muted debt-levels. We seek to leverage our brand and our market position whilstwe bring in prudent investments and incentivise our team to grow the business.
While the first half of 2020-21 was subdued we saw strong momentum in MMR residentialduring the second half of the year driven by various favourable factors like reduction instamp duty lower home loan rates etc. We have observed a trend of increased demand andrenewed buyer interest for high-quality products especially from developers with a higherbrand recall. Despite a tough macroeconomic environment I am pleased to inform you thatwe were able to achieve strong pre-sales in the financial year FY21 at `1022 Crores. Wealso achieved highest ever pre-sales of `484 Crore in the mid-income segment in 2020-21driven by residential projects in ODC Goregaon West. I would also like to highlight thatwe achieved our highest ever collections of `780 Crore for a year in 2020-21.
The pandemic has led to a shift in the buying behaviour and preferences of theconsumers. We are aware that in today's time the usage of internet and social mediaplatforms drives the customers' decision making in a significant way. Digital marketingpractices have become crucial especially after the pandemic. Hence we launched ourdigital sales platform SunteckAER in the beginning of the year to market ourongoing and new projects.
The Maharashtra cabinet reduced the premium fees paid by developers for ongoing and newprojects between 1st August 2021 and 31st December 2021. This is aunique opportunity for Sunteck as it can drive up the savings significantly if we canfast-track the projects. We will endeavor to take full advantage of this opportunity byprepaying premiums upto Rs. 250 Crores in FY 2022. The ROE on these payments would besignificant.
Over the past few years multiple macroeconomic events like demonetisationintroduction of GST RERA NBFC crisis and now COVID-19 have led to a major consolidationin the Indian real estate sector resulting in increased accountability customercentricity and financial prudency. As you would be aware we have done maximumacquisitions during the pandemic and are also seeing many interesting deals with minimumSunteck capital required. With every subsequent challenge we have emerged stronger.
At Sunteck Realty Limited we have an eye to capture and deliver the best in the realestate industry. Beyond the Better' depicts our motive to evolve as India's mostpremium and trusted brand with high standards of ethical business practices corporategovernance and product quality.
While the year ended on a strong note 2021-22 will have its own set of challenges andopportunities in the form of subsequent COVID waves. Cash flows generated last year helpedreduce debt significantly to negligible levels. We remain focussed on our business modeland aim to further reduce debt levels during 2021-22.
I thank you all and the entire Sunteck family our employees customers andpartners for your continued trust and support.
Chairman and Managing Director