Sunteck Realty jumps on acquiring 16 acres of land in Mumbai for Rs 300 crore

24 Feb 2012

Sunteck Realty is currently trading at Rs. 393.00, up by 19.00 points or 5.08% from its previous closing of Rs. 374.00 on the BSE.

The scrip opened at Rs. 382.50 and has touched a high and low of Rs. 406.85 and Rs. 382.50 respectively. So far 2,584 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 422.00 on 16-Feb-2012 and a 52 week low of Rs. 242.00 on 11-Jan-2012.

Last one week high and low of the scrip stood at Rs. 406.85 and Rs. 367.20 respectively. The current market cap of the company is Rs. 2,474.00 crore.

The promoters holding in the company stood at 70.34% while Institutions and Non-Institutions held 4.80% and 24.86% respectively.

Sunteck Realty, one of Mumbai’s premium real estate developer, has acquired approximately 16 acres of land in Goregaon West, Mumbai. Already owning 7 acres within a distance of approximately 200 metres of this acquisition, Sunteck’s total stake in Goregaon West now mounts to 23 acres.

After Sunteck Realty’s focus at BKC, the company is now set to change Goregaon’s skyline. The acquisition cost amounts to approximately Rs 300 crore with an investment of Rs 150 crore from Kotak Private Equity Group. The project proposed on the 16 acres land will enable the company to develop approximately 4 million square feet of multi use development with a predominant share of residential development in addition to commercial and community retail locations.

This land parcel is located just off the elevated link between SV Road and Western Expressway, which is under construction and in close proximity to two major commuter stations on western line. Given its easy access to social amenities including leading educational institutions, hospitals, large format malls, large base of corporate offices in the established IT Parks and corporate offices along Western Expressway and Malad link road, Goregaon is touted as the next preferred destination for residential set ups.

Along with company’s residential development in Bandra Kurla Complex (BKC), Goregaon has now emerged as the next most valuable destination for the company with 23 acres in total over 2 projects which would involve roughly 5-6 million square feet of developable area.

Related Sunteck Realty Ltd. Links:

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