Sunteck Realty acquires 16 acres in Mumbai suburb
Mumbai based Sunteck Realty has announced the acquisition of approximately 16 acres of land in Goregaon West, Mumbai. As the company already owns 7 acres within a distance of approx. 200 metres of this acquisition, their total stake in Goregaon West has mounted to 23 acres. After Sunteck Realty’s focus at BKC, the company is now set to change Goregaon’s skyline. The acquisition cost amounts to approximatelty Rs300 crore with an investment of Rs150 crore from Kotak Private Equity Group. The project proposed on the 16 acres land will enable the company to develop approximately 4 million square feet of multi use development with a predominant share of residential development in addition to commercial and community retail locations.
Speaking on the completion of this successful acquisition, Kamal Khetan – CMD, Sunteck Realty, states, “This is yet another example of how Sunteck Realty Limited has built out a portfolio of properties across Mumbai with near term cash flows through aggressive acquisitions in each down cycle of the property market. Along with our Residential development in Bandra Kurla Complex, Goregaon has emerged as the next most valuable destination for the company with 23 acres in total over 2 projects which would involve roughly 5-6 million sq. ft. of developable area.”
The Company has a total of 23 acres in Goregaon W spread over two projects, which we believe has emerged as one the most desired locations in the Western suburbs, given the proximity to world class malls, educational institutions, hospitals and commercial hubs in the city. We believe that with this acquisition, Sunteck Realty will now have a long term play in this prominent suburb in the medium term with the proposed multi use developments in immediate neighborhood. This project would show case the company’s vision for small format townships in city centre locations of Mumbai.” Said Hari Krishna, Director, Kotak Realty Fund.
This land parcel is located just off the elevated link between SV Road and Western Expressway which is under construction and in close proximity to two major commuter stations on western line. Given its easy access to social amenities including leading educational institutions, hospitals, large format malls, large base of corporate offices in the established IT Parks and corporate offices along Western Expressway and Malad link road, Goregaon is touted as the next preferred destination for residential set ups.
Sunteck Realty forms part of the Bombay Stock Exchange Realty Index and is also listed on the National Stock Exchange with a market cap of approximately Rs 24 billion.