Sunteck Realty acquires plot near Mumbai for second home project

Sunteck Realty has purchased approximately 110 acres of land along the Pen-Khopoli Road as part of an asset-light joint development agreement (JDA) strategy to develop a second home project, according to a press release. This property will be developed into plots and bungalows. The project is close to Pen City and has a 4-5 million sq ft development potential. The company has acquired several projects in the Mumbai Metropolitan Region (MMR) over the last 18 months using the asset-light JDA model. Kamal Khetan, chairman, Sunteck Realty said that they continue to make astute acquisitions and value-adding diversifications in the housing real estate market, confirming that the industry is consolidating behind branded, financially sound developers. It recently purchased a 50-acre land parcel in Shahad (Kalyan) with the potential to develop a 10-million sq ft integrated residential township worth Rs 9,000 crore. The company also bought a 50-acre land parcel in Vasai (West) with a development potential of 4.5 million square feet and a revenue potential of around Rs 5,000 crore, as well as a 2.6 million sq ft development in Vasind. Image SourceAlso read: Bengaluru development body nods Rs 4,500 cr for residential project