Sunteck Realty acquires around 50 acres of land for residential project

Mumbai-based premium housing construction player, Sunteck Realty has informed the bourses that it has acquired a land of approximately 50 acres in the posh location of Vasind (Thane).

Under this project, the company is planning to develop a residential township of around 2.6 million sq. ft under the brand ‘SunteckWorld’.

Looking at the revenue aspect, this project is likely to generate revenue to the tune of around Rs 1,250 crore over the next four to five years. Going ahead, this would result in further strengthening the cash flow as well as the balance sheet of the company.

This project is mainly targeted to cater to the affordable residential segment, particularly post the COVID-19 scenario.

Earlier in July 2020, the company had acquired a prime project of approximately 50 acres in the posh location of Vasai (West) with a targeted revenue of Rs 5,000 crore. 

Read here: https://www.dsij.in/DsijIssueDetails/ArtMID/10519/ArticleID/13953/Sunteck-Realty-acquires-prime-project-of-50-acres-in-Vasai-posh-location 

During Q2FY21, the company witnessed substantial growth in pre-sales at Rs 200 crore, up by 98 per cent on a QoQ basis and up by 96 per cent on a YoY basis. The company also witnessed strong growth in collections on a QoQ basis by 117 per cent in Q2FY21. However, collections have been declined on a YoY basis by 24 per cent in Q2FY21.