Sunteck Realty Ltd has entered into an agreement to acquire approx 50-acre land parcel in Thane’s Vasind, Sunteck said in a regulatory filing. The project will offer approximately 2.6 million square feet. “Envisaged as a one of the large residential development under ‘Sunteck World’ brand in Thane District, the project will have a revenue potential of Rs. 1,250 crores (Rs. 12.5 Billion) spanning over next 4-5 years,” Sunteck said.
Commenting on the development, Kamal Khetan, Chairman and Managing Director, of Sunteck Realty Ltd said, “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. 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 complements today’s lifestyle and suit the requirements for Work From Home.”
Earlier this month, Sunteck Realty Ltd had reported 96% increase in its sales bookings at ₹200 crore for the quarter ended September on better demand for its properties despite the COVID-19 pandemic.
Its sales bookings stood at ₹102 crore in the year-ago period.