Sunteck Realty Ltd Announces Business Updates For Q2 & H1 FY24
Sunteck Realty Limited, Mumbai-based premium luxury real estate developer has announced its operational & business updates for the quarter and half year ending 30th September 2023. Sunteck - IFC, World Bank Group joint investing platform – Sunteck and IFC (International Finance Corporation) have partnered to create a joint platform with a total investment of up to Rs 750 crores to promote the development of close to 12,000 high-quality housing units across four to six green housing projects within the Mumbai Metropolitan Region (MMR). This partnership shall be centered around the development of large-scale housing projects to cater to the mid-income demographic as Sunteck has a strong focus on this population segment. Business Development & Launches – In the recent past, the company has successfully launched two (2) large projects - Sunteck Beach Residences at Vasai West and Sunteck Sky Park at Mira Road. Both projects have received an overwhelmingly positive response from the customers, reflecting a strong demand for the company’s product offerings. After these launches, Sunteck now has five (5) large ongoing projects – Signature & Signia at BKC, Sunteck City at ODC, Goregaon West, Sunteck World at Naigaon, SBR at Vasai West and Sunteck Sky Park at Mira Road as growth engines which will continue to deliver strong cash flows and profit margins. Going forward, the company is planning to launch two (2) new large projects – first one in eastern suburbs at Kalyan and the second one in South Mumbai at Nepean Sea Road. These 7 growth engines continue to yield strong operating cash flow surplus going forward with a total GDV of ~Rs 30,000 crore (US$ 3.7 bn). 4) GRESB Assessment – Sunteck has achieved a remarkable score of 95 in GRESB (Global Real Estate Sustainability Benchmark) Assessment, with a prestigious 5-star rating. The company received 3 rd rank in the Asia-pacific Diversified Office/ Residential Peer comparison. Sunteck realty’s GRESB score is an outcome of its progress along the three dimensions of ESG - Environmental, Social and Governance, including but not limited to greater efficiency in its management of Energy, Water, Materials for its projects, various engagement programs for its stakeholders, policies, and well-defined procedures with aim to enhance good business practices and enhancing communities in which the company operate. This recognition underscores Sunteck Realty's endeavor to sustainable development and responsible business practices.
Tags : Sunteck Realty Limited Mumbai premium luxury real estate developer operational & business quarter Sunteck - IFC World Bank Group housing units green housing projects Mumbai Metropolitan Region MMR