Guwahati, April 2: Sunteck Realty Limited (SRL) has secured a marquee 7-acre land parcel at Borivali (West) in Mumbai that it said would be developed into a luxury residential project. JLL India was the exclusive transaction partner for the joint venture. Acquired under the asset light JDA model the residential project in the western suburbs of the city is spread across 7 acres and will have approximately 1 million sq ft of development potential. It is expected to generate a project top line of around Rs. 1750 crore over the next 4-5 years further strengthening the cash flow and the balance sheet of the company.
“We are pleased to have entered this joint venture. Given the land parcel is overlooking the sea, this development shall provide an opportunity to curate a unique and world class residential product consistent with the Sunteck brand. We shall bring in our best in class construction and development capabilities of luxury living. Our endeavour is to create a landmark development in this micro-market,” said Kamal Khetan, chairman, Sunteck Realty Limited.
“Mumbai western suburbs continue to remain one of the most dominant and active end user residential markets in the country. Historically low home loan rates along with government incentives as well as rationalisation of prices by real estate developers has led to healthy ready inventory absorption in the past few quarters. As such, we feel the trend to percolate to newer launches and under-construction projects as well. Stronger brands should continue to observe aggressive sales going ahead,” said Nishant Kabra, senior director and head – Land and Development Services (West India), JLL India.