Sunteck rolls out realty plans for MMR region

To match the emerging demand scenario in the Mumbai Metropolitan Region (MMR), Sunteck Realty has planned to start the development of two-three million sq ft of real estate projects in the current financial year, in addition to the 5.6 million sq ft, which is currently under development. The Mumbai-based firm is planning to launch three-four mega projects during the fiscal. The company requires a total future development potential of over 35 million sq ft in MMR, which includes the acquisition of nine million sq ft carried out in 2020 fiscal. It intends to launch its Naigaon Phase-III and the first phases of projects in Vasai and Vasind during FY22 and shortly after that will start its Borivali project. The realty player will also continue to buy land parcels, which will be funded from its internal accruals as its cash flows are quite strong.