Sunteck Realty has entered into an alliance with Transcon Developers to jointly develop a 7-acre land parcel off New Link Road close to Lokhandwala Complex in Mumbai's Andheri suburb. As per the agreement, Sunteck Realty and Transcon Developers will share the project's revenue, estimated to be around ₹3,000 crore, with a 54:46 ratio, respectively. The developers are planning to build a mixed-use project including three residential towers, commercial and retail spaces in 1.1 million sqft of area, with a completion time of 4-5 years, said CMD, Sunteck Realty, Kamal Khetan, adding that the project will further strengthen the cash flow and balance sheet of the company. Securing approvals and clearances will be Transcon's responsibility while Sunteck will handle construction, execution, sales and marketing of the project, he added.
📅Published on:
23 September 2019
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