Suntek Realty Acquires 7.25 Acres Land in Beverly Park Mumbai
Suntek Realty has acquired 7.25 acres, of land parcel at Beverly Park, Mumbai under the joint development agreement (JDA) model. The project is estimated to have a development potential of approx. 2.5 mn sq ft built-up area and revenue potential of around Rs 3,000 crore. JLL was the transaction partner for this JV. We have continued with our strategy to acquire projects at prime pockets of MMR and create value for our stakeholders. This acquisition is very salient for us as this project is in one of the best locations with beautiful scenic views. We envisage to create the most luxurious lifestyle residential apartments with unmatched amenities never experienced before in that micro market. We will continue to maintain and build luxury in its true sense with every project we do said Kamal Khetan, chairman of Sunteck Realty. “We are witnessing a tremendous amount of deal activity; be it trade involving high capital outflows or asset-light models like JV or joint development or developer management contracts. Since the pandemic, the residential market both in terms of sales as well as new project acquisitions is evidently consolidating amongst the financially sound and operational capable developers,” said Nishant Kabra, Co-Head- Capital Markets (West India), JLL. Sunteck Realty (SRL) Mumbai-based luxury real estate development companies. On a consolidated basis, the realty company reported 723% jump in net profit to Rs 24.94 crore on a 54.7% rise in net sales to Rs 143.50 crore in Q1 FY23 over Q1 FY22. Post-Pandemic Sunteck Realty has done multiple, acquisitions to the tune of 25.5 mn sq ft in areas such as Borivali West, Vasai West, Shahad-Kalyan, Vasind, Pen-khopoli, taking the total development portfolio to 52.5 mn sq ft across 20 projects.
Tags : Suntek Realty Beverly Park Mumbai joint development agreement Kamal Khetan Chairman Suntek Realty Nishant Kabra Co-Head- Capital Markets JLL