NEW DELHI :
Sunteck Realty has entered a joint development agreement with land-owners to construct a housing project in the Mumbai Metropolitan Region that has a revenue potential of ₹5,000 crore over the next five-seven years.
In a regulatory filing on Wednesday, Sunteck Realty informed stock exchanges about the pact for the residential project in Vasai (West). The agreement was done with multiple parties that own this land.
The company, in a separate filing, it said that it has acquired a prime project of about 50 acres in Vasai (West), having a development potential of around 4.5 million sq ft in Mumbai Metropolitan Region (MMR).
"The project will have a revenue potential of Rs5,000 crore over the next five-seven years, further strengthening the cash flow and the balance sheet of the company," the company said.
Kamal Khetan Chairman and Managing Director of Sunteck Realty said, “The project will largely cater to the mid-income segment, especially post the COVID-19 scenario, since it fulfils the emerging customer needs: residential premises that complement today's luxurious lifestyle and suit the requirements for work-from-home," he said.
Mumbai-based Sunteck Realty is a luxury real estate development company. It has a portfolio of about 31 million square feet spread across 26 projects.