Sunteck to launch 7 projects of Rs 22k cr revenue in next 5-8 yrs

01 Jan 2022

Mumbai-based Sunteck Realty Limited (SRL) will launch seven projects in and near Mumbai Metropolitan Region (MMR) in next five to eight years with Rs 22,000 crore potential revenue.

These seven projects of Sunteck will be one of the largest realtors.The company has developed the first Uber Apartment Town in the district of Bandra Kurla Complex (BKC) in the last 10 years.

Kamal Khetan, Chairman and Managing Director of Sunteck Realty, told the media that the company acquired land banks for five major real estate residential projects in Vasai West, Vasind, Borivali West, Shahad in Kalyan and Pen-Khopoli in the last 18 months. These projects have a development potential of 23 million sq ft and can fetch nearly Rs 20,000 crore in the next 7-8 years.

He said that the company would launch the next phases of Sunteck World in the North-west suburbs of Naigaon and Sunteck City in Goregaon West with a revenue potential of Rs 2,000 crore in the next 4-5 years.

Additionally, these projects can generate Rs 1,250 crore in FY23, with a total revenue potential of Rs 3,400 crore during the first phase.

The company will launch the first phase of these projects in FY23, with an inventory worth Rs 4,650 crore, expecting a 30% sales target for FY22 and FY23 and a pre-sales target of Rs 2,000 crore by the end of FY23.

The company has acquired the maximum number of projects or land banks in the last 18 months, strengthening its MMR market presence and becoming one of the fastest-growing real estate companies in the megapolis.

The acquisitions also include a 50 acres land parcel at Shahas, Kalyan, having potential development of 10 million sq ft of the integrated residential township and revenue potential of Rs 9,000 crore in Vasai West, having a development potential of 4 million sq ft and revenue potential of Rs 5,000 crore.

The company's waterfront plot for luxury residences at Vasind, Borivali West, has a potential development of 2.6 million sq ft and a revenue potential of Rs 2,000 crore.

Khetan said that these residential projects could sell 23 million sq ft and generate Rs 22,000 crore revenue.

Recently, the company recorded pre-sales of Rs 352 crore in the third quarter (Q3) of FY22, up by 29% and Rs 800 crore in the first three-quarters of FY22.

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Also read: Sunteck Realty plans JDA to develop 10 mn sq ft at Shahad (Kalyan)

Also read: MMRDA sought SPA for the development of some MMR regions

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