Sunteck Realty acquires prime project of 50 acres in Vasai posh location

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

Under this project, the company is having a development potential of around 4.5 million square feet in the prime Mumbai Metropolitan Region (MMR). Looking at the revenue aspect, this project is likely to generate revenue to the tune of around Rs 5,000 crore over the next five to seven years. Going ahead, this would result in further strengthening the cash flow and the balance sheet of the company.

This project is mainly targeted to cater to the mid-income segment, particularly post the COVID-19 scenario. Also, it is one of the biggest real estate deals post the lockdown in India’s leading luxury development segment.

During FY20, the company has continued its strong sales momentum across various brands, enhanced by the new project launches. The company registered substantial growth in pre-sales for FY20 at Rs 1,221 crore. During Q4FY20, it was up by 110 per cent YoY and by 87 per cent QoQ at Rs 608 crore. Collections also grew at 8 per cent YoY to Rs 715 crore for FY20; while on a QoQ basis, it grew by 6 per cent to Rs 175 crore in Q4FY20.

Today, the stock of Sunteck Realty opened at Rs 184.90 and gained two per cent and made an intraday high of Rs 186.55 on BSE. At 09:43, the stock was trading nearly at Rs 180.85 on BSE.