Sunteck Realty to acquire 50-acre land in Mumbai suburb for development of residential project

Real estate development company Sunteck Realty on Tuesday said it will acquire around 50-acre land parcel in Vasind, Mumbai to develop a residential project.

Sunteck Realty said the project will have a revenue potential of Rs 1,250 crore spanning over next 4-5 years.

"Sunteck Realty Ltd... has entered into an agreement to acquire approx 50-acre land parcel in Vasind. The project will offer approximately 2.6 million square feet... the project will have a revenue potential of Rs 1,250 crore," the company said in a BSE filing.

The company did not disclose the financial details of the proposed land acquisition.

"The second strategic acquisition amidst the pandemic complements our strategy to strengthen our brand presence. Our Vasind acquisition reflects our differentiated development philosophy of focusing on strategic locations along the growth vector," Kamal Khetan, Chairman and Managing Director, of Sunteck Realty Ltd said.

Khetan further noted that the project will be largely residential, catering to the affordable segment.

"With the ongoing Covid-19 scenario, I believe our upcoming projects will continue to fulfill the emerging customer needs: residential premises that complement today's lifestyle and suit the requirements for work from home," he said.

He further added that "our momentum, both on sales and the execution front, has been increasing post the lockdown and we remain confident of capitalizing on the opportunity at hand. We will continue to reward our investors through acquisition of such value deals".

Mumbai-based Sunteck Realty is a luxury real estate development company. It has a portfolio of about 31 million square feet spread across 26 projects.