The company will develop an aspirational luxury integrated residential township in this location, under the asset light JDA model with Amar Dye Chem.
This would be another acquisition by the company, establishing its presence in the eastern suburbs of the Mumbai Metropolitan Region (MMR).
The project is expected to generate a top line of around Rs 9,000 crore over the next seven to eight years, further strengthening the cash flow and the balance sheet of the company.
While Sunteck Realty has a very strong portfolio in the western suburbs of MMR, this project addition will strengthen the company’s portfolio in the eastern markets of MMR as well.
The company has considerably accelerated the acquisition momentum post the second wave of COVID-19.
This will be the fourth acquisition by the company since the advent of COVID-19 pandemic. Before the Shahad (Kalyan) project, the company has done three project acquisitions at Vasai, Vasind and Borivali, totaling approximately eight million sq ft and this project will add another approximately 10 million sq ft, thus adding in total 18 million sq ft to Sunteck Realty’s portfolio.