Sunteck Realty has acquired 50 acres of land in Vasai West. With a development potential of 4.5 mn sq ft, the company expects to generate Rs 5,000 crore of revenue.
By Varun Singh
On Wednesday morning, Sunteck Realty updated the BSE, that it has acquired approximately 50 acres of land in Vasai west.
This would be one of the biggest real estate development since the nation went under lockdown on March 24.
The land has a development potential of 4.5 million sq ft. The project will have a revenue potential of Rs 5,000 crores (Rs 50 Billion) over the next 5-7 years.
The statement from Sunteck Realty read, “With its captivating and unobstructed 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. The location also boasts of excellent connectivity, upcoming infrastructure developments and all major amenities around it.”
Kamal Khetan, Chairman and Managing Director, of Sunteck Realty Ltd, said, “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 luxurious lifestyle and suit the requirements for Work From Home.”
The company further states that despite COVID 19, and the economic slowdown aSunteck has kept the pace of development.
Meanwhile, top real estate companies are eyeing stressed realty projects. With Covid and the following lockdown many developers are in deep waters.
Structured realty companies are able to not only survive but take a step forward too by expanding their business.
Recently Oberoi leased 1.1 mn sq ft to Morgan Stanley in its Goregaon project. Similarly Godrej leased 2 lakh sq ft office to A.P. Moller – Maersk in Vikhroli.
Also Read: Oberoi Realty to lease 1.1 Mn sq ft to Morgan Stanley
