Sunteck Realty to develop 50-acre residential project in Mumbai suburbs

This project is expected to generate a top line of approx. ₹9,000 crore in the next 7-8 years, further strengthening the cash flow and balance sheet of the company. “While Suntec Realty has a very strong portfolio in MMR’s western suburbs, the addition of this project will strengthen the company’s portfolio in MMR’s eastern markets as well,” Suntec said.

This will be another acquisition, the company said, which will establish its presence in the eastern suburbs of the Mumbai Metropolitan Region (MMR).

“Since the first wave of COVID-19 in 2020, Sunteck has been the largest acquirer of highly valued projects in MMR – a trend that continues to this day. In fact, the company has significantly accelerated the pace of acquisitions after the second wave,” it said. This will be the fourth acquisition by Suntec since the advent of the COVID-19 pandemic. Prior to the Shahad (Welfare) project, the company had three The works have undertaken project acquisitions in Vasai, Vasind and Borivali, totaling approximately 8 million sq ft and the project will add approximately 10 million sq ft, thus, adding a total of 18 million sq ft to Suntec’s portfolio.

“In line with the trends observed after the pandemic, there is a growing demand for good peripheral locations around major metros. Thus, we are pleased to announce the entry of MMR into the strong eastern micro market Shahad (Kalyan). Market consolidation in favor of quality and well-funded real estate companies has been a trend and Suntec has been a major beneficiary of this trend, continuously expanding its business portfolio with lucrative return opportunities,” said Kamal Khaitan, Chairman, Suntec Realty Limited said.