Sunteck to invest Rs 6,000 cr in affordable housing
Property developer Sunteck Realty Ltd plans to invest around Rs 6,000 crore to develop three large affordable housing projects spread over 250 acre in the Mumbai Metropolitan Region (MMR) over the next five to six years.
Sunteck has ventured into the affordable housing sector through its luxury brand Sunteck World.
Two out of the three projects are spread over 100 acre land parcels in Vasind and Vasai near Mumbai and were acquired during the pandemic, while 150 acres is part of the company's Naigaon project. The developer has already started construction in Naigaon on around 18 acre for the project's first two phases. The new projects in Vasind and Vasai apart from new phases in Naigaon will be financed through customer advances from pre-sales and construction finance in line with the funding strategy deployed for the first two phases, Sunteck said.
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Sunteck had acquired a 50-acre project in Vasai with a development potential of around 4.5 million sq ft. Commencement of the project is expected this year with a development period of five to seven years. In October, the developer entered into an agreement to acquire additional 50 acres in Thane's Vasind locality to develop a 2.6 million sq ft integrated township. The project to be developed under brand Sunteck World is estimated to generate revenue worth Rs 1,250 crore over the next five years.
Image: Sunteck Realty will invest Rs 6,000 cr for three affordable housing projects