CARE reaffirms AA- & A1+ ratings to Sunteck Realty

Real estate development company, Sunteck Realty Limited (SRL) has received its long and short-term issuer rating from CARE Ratings.

In an exchange filing released on Saturday, SRL stated that the credit rating agency has reaffirmed the company’s long-term issuer rating at CARE AA- with stable outlook and short-term issuer rating at CARE A1+.

Regarding this, CARE Ratings said that the rating has been derived from the promoter’s vast experience in real estate business as well as due to its steady pace of execution in the ongoing projects. It added that despite the challenges faced by the real estate industry, the company managed to receive strong rating due to its robust sales and collections backed by the launch of new projects across the pricing spectrum. It also said that the additional strength to the rating was provided by asset-light model along with, strong brand recall in Mumbai metropolitan region (MMR).

SRL is one of the fastest growing Mumbai-based luxury real estate development companies. The company has been a trendsetter in creating iconic destinations such as its flagship project-Signature Island in Bandra Kurla Complex (BKC), Sunteck City in Oshiwara District Centre (ODC), Goregaon and Sunteck Westworld at Naigaon, which is the largest township of MMR’s western suburb.  

The stock market is closed today on the occasion of Mahavir Jayanti. At the time of market closing on Friday, the stock of SRL was trading at Rs 201.15, down by 1.18 per cent against its previous close of Rs 203.55. Its 52-week high is Rs 532.00 while, its 52-week low is Rs 164.05 on BSE.