Mumbai : Sunteck Realty Ltd, India’s leading luxury real estate developer, will enter the highly lucrative second home space with the acquisition of approximately 110 acres on the Pen-Khopoli Road under the asset light JDA strategy. The project has a prominent river frontage. This land will be used for plotted and luxurious bungalows development. It has direct access to Pen-Khopoli main road and is located close to Pen city.
Sunteck Realty Ltd has been one of the largest acquirer of projects over the last 18 months, strengthening its presence in the MMR market as well as its credentials as one of the fastest growing real estate companies in India. Some of the recent acquisitons under the asset light JDA model include a marquee ~50 acre land parcel at Shahad (Kalyan) with potential to develop 10 mn sq ft of intergrated residential township with a revenue generation of approx. Rs 9,000 crore, an approx. 50 acre in the superior sea-view location of Vasai (West) having a development potential of approx. 4.5 mn sq ft and a revenue potential of around Rs 5,000 crore, a large devlopement of 2.6 mn sq ft at Vasind and the waterfront luxury residences at Borivali (West) having a revenue potential of around Rs 1,800 crore, all totaling to ~18 mn sq ft. This new acquisition further adds 4-5 mn sq ft of development potential to the existing portfolio.
“We continue to make astute acquisitions and value-accretive diversifications within the housing real estate market, giving credence to the outlook that the industry is consolidating behind branded, financially strong developers. With the current project offering of a luxurious, larger second home for those yearning to be away from the hustles and bustles of the city, Sunteck is now present across the full value spectrum for our customers. We believe that the entry of Sunteck will add immense value to the development of Pen-Khopoli real estate market.” said Mr. Kamal Khetan, Chairman, Sunteck Realty Limited.