Sunteck Realty zooms 4 per cent on solid response on project launch in Mumbai

Mumbai-based premium housing construction player, Sunteck Realty received overwhelming response to the first tower of 4th Avenue SunteckCity, where it launched 225 apartments. The luxury flat builders have seen strong response to ready-to-move in flats off late. DLF, the Delhi based premium housing player, had received same kind of response in October when it sold Rs 700 crore worth flats in same day.

The company, in a press release to the stock exchanges, said that out of total launched 225 apartments, it has already sold 125 apartments, generating sales worth more than Rs 200 crore in 18 days from the launch day.

The management, in its commentary, said that the company has seen good sales momentum. The company is planning to sell around 85-90 per cent of the apartments, opened for sale and having revenue opportunity worth Rs 300-325 crore, in a short span of time.

The premium real estate segment had seen negative sentiments due to issues faced by Jaypee infra home buyers. This has shifted the preference towards ready-to-move in flats. The sentiment further improved after the GST cut to just 1 per cent from earlier 8 per cent for such apartments as against 5 per cent under construction schemes.

At 11.00 am, Sunteck Realty traded higher by 3 per cent on Rs. 417 on the BSE.