Sunteck Realty has entered into a joint development agreement with a landowner to build a seven-acre luxury housing project in the Mumbai region and expects sales revenue of Rs 1,750 crore from this property over the next five years.
The company has secured a seven-acre land parcel in Borivali (West). The company would develop a luxury residential project. Acquired under the asset-light JDA (joint development agreement) model, the project will have about 1 million sq ft of development potential. It is expected to generate a project top line of around Rs 1,750 crore over the next 4-5 years further strengthening the cash flow and the balance sheet of the company. The company did not disclose the name of the landowner with whom it has entered into JDA.
Sunteck Realty is a Mumbai-based real estate development company, catering to the premium ultra-luxury and luxury residential segment.
