Sunteck Realty sharpens plans for ₹2,000-cr project

Realty developer Sunteck Realty has formed a partnership to jointly develop around 50-acre sea-facing land parcel in Vasai on the outskirts of Mumbai. In the project, the builder will develop the entire project with a total development potential of 4.5 million sq ft involving an investment of ₹2,000 crore and commanding revenue potential worth ₹5,000 crore. Kamal Khetan, Sunteck Realty Chairman and MD informed that the project will cater to the mid-income segment, especially post the Covid-19 scenario, since it fulfils the customer needs: residential premises that complement the luxurious lifestyle and suit the requirements for Work From Home. The company will be developing the project along with the landlord through a revenue share agreement. The landlord who will be responsible for the land parcel and approvals will get 25% revenue and Sunteck will get 75% revenue and will undertake planning, construction, execution, branding and sales & marketing initiatives. The location has good connectivity, upcoming infrastructure developments and all major amenities around it. The project will be a key addition to Sunteck's strong growth drivers including its projects in Signature Island at Bandra-Kurla Complex (BKC), SunteckCity at Oshiwara District Centre (ODC) in Goregaon and SunteckWorld at Naigaon.

: Published: 24 July 2020

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