Sunteck Realty takes up luxury project in Mumbai

Sunteck Realty has entered into a joint development pact with the landowners of a seven-acre land parcel at Borivali West in Mumbai to develop a luxury residential project. From the project, it has targeted sales revenue of ₹1,750 crore from the property over the next five years as JLL India was the transaction partner for the joint venture (JV). Acquired under the asset-light joint development agreement (JDA) model, the residential project in the western suburbs of the city will have a development potential of about 1 mn sq. ft. The project is likely to offer unobstructed views of the mangroves of Borivali and Gorai right up to the Global Vipassana Pagoda and beyond. Given the fact that the land parcel is overlooking the sea, this shall provide an opportunity to curate a unique and world-class residential product consistent with the Sunteck brand. The company will bring in its best in class construction and development capabilities of luxury living and is endeavouring to create a landmark development in this micro-market. Chairman Kamal Khetan informed that Mumbai western suburbs continue to remain one of the most dominant and active end-user residential markets in the country. Historically low home loan rates along with government incentives as well as rationalization of prices by real estate developers have led to healthy ready inventory absorption in the past few quarters.