+
Sunteck to invest Rs 6,000 cr in affordable housing
Real Estate

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.


Make in Steel 2021

24 February 

Click for event info


4th Indian Cement Review Conference 2021

17-18 March 

Click for event info


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


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.Make in Steel 202124 February Click for event info4th Indian Cement Review Conference 202117-18 March Click for event info 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

Next Story
Infrastructure Transport

Syama Prasad Mookerjee Port Partners to Redevelop Nimtala Ghat

Kolkata: Syama Prasad Mookerjee Port, Kolkata (SMPK), signed a Memorandum of Understanding (MoU) on Tuesday with PS Group Realty Private Limited to redevelop and beautify Nimtala Ghat as part of PS Group’s Corporate Social Responsibility (CSR) initiative.The agreement was formalised at SMPK’s Head Office at 15, Strand Road, in the presence of SMPK chairman Rathendra Raman, deputy chairman Samrat Rahi, PS Group directors Saurav Dugar, Gaurav Dugar, Arun Sancheti, and senior SMPK officials.Under the MoU, PS Group will undertake the full redevelopment and permitted construction of Nimtala Imm..

Next Story
Infrastructure Urban

CSIR-NCL and Covestro Collaborate to Upcycle Polyurethane Waste

In a move towards sustainable plastic waste management, Pune-based CSIR-National Chemical Laboratory (CSIR-NCL) signed a Memorandum of Understanding (MoU) with Covestro (India) Private Limited on Wednesday to develop innovative upcycling technologies for polyurethane waste.Polyurethane is notoriously difficult to recycle, with current methods often proving inefficient, costly, and environmentally harmful. This collaboration aims to address existing challenges, including high energy usage and deterioration of material quality during recycling.Ashish Lele, director of CSIR-NCL, stated, “This p..

Next Story
Infrastructure Urban

Torrent Pharma Seeks CCI Approval for Rs 195 Billion JB Chemicals Deal

Ahmedabad-based Torrent Pharmaceuticals has sought clearance from the Competition Commission of India (CCI) to acquire a majority stake in J B Chemicals and Pharmaceuticals in a Rs 195 billion deal.Upon completion, Torrent Pharmaceuticals will become India’s second most valuable pharmaceutical company.The move follows Torrent’s June announcement to acquire a majority stake in J B Chemicals for Rs 195 billion.“The proposed combination pertains to the acquisition of shareholding by Torrent Pharmaceuticals Ltd in J B Chemicals & Pharmaceuticals Ltd, followed by the merger of the target ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?