Sunteck Realty acquires 50 acres in Vasai (West)
The project will have a revenue potential of Rs 5,000 crore over the next 5-7 years
In one of the biggest real estate deals post the lock-down, Sunteck Realty has acquired a prime project of approx. 50 acres in Vasai (West), having a development potential of approx. 4.5 mn sq-ft in the prime Mumbai Metropolitan Region (MMR). The project will have a revenue potential of Rs 5,000 crore over the next 5-7 years, further strengthening the cash flow and the balance sheet of the company.
With its view of the Arabian Sea, the project – standing out in the heart of Vasai (West) - is all set to give a facelift to this upcoming micro-market in the MMR.
This project will be a key addition to Sunteck’s projects like Signature Island at Bandra Kurla Complex (BKC), SunteckCity at Oshiwara District Centre (ODC), and SunteckWorld at Naigaon.
Kamal Khetan, CMD, Sunteck Realty, said, “This project is the perfect example of our philosophy of making research-based, value-added acquisitions. The project will largely cater to the mid-income segment, especially post the Covid-19 scenario, since it fulfills the emerging customer needs: residential premises that complements today’s luxurious lifestyle and suit the requirements for Work From Home.”
“Despite the preceding economic slowdown and the subsequent impact of the Covid-19, Sunteck has kept the pace of development and its promise to the home buyers to deliver quality homes. We will continue to reward our investors through acquisition of such value deals,” he added.