Sunteck Realty plans ₹6,000-cr affordable housing projects

Property developer Sunteck Realty has planned to invest about ₹6,000 crore to develop three large affordable housing projects spreading across 250 acres in Mumbai Metropolitan Region. Chairman and MD, Kamal Khetan, informed that two out of three projects, spread over 100-acre of land parcels in Vasai and Vasind on the outskirts of Mumbai, were acquired during the pandemic, while 150 acres is part of its Naigaon project. The company has already started construction in Naigaon on around 18 acres for the first two phases of the project. Affordable housing is going to be a long-term growth engine for the company. Currently, the segment contributes one-third of its revenues, which is expected to increase to 50% on a sustainable basis, creating a diversified and balanced portfolio with its recent acquisitions of Vasai and Vasind. Moreover, various initiatives under the government's Housing for All scheme is further encouraging active participation of realty players in the segment.