Real Estate

Sunteck Realty to start development of 2-3 million sq ft in this fiscal

Our Bureau Mumbai | Updated on May 07, 2021

Kamal Khetan, Chairman and Managing Director of Sunteck Realty

The company to launch its Naigaon Phase-III and the first phases of projects in Vasai and Vasind during the fiscal.

Sunteck Realty is planning to start development of 2-3 million sq ft of real estate projects in this financial year, in addition to the 5.6 million sq ft under development, expecting a rise in demand in Mumbai Metropolitan Region (MMR).

The Mumbai-based firm is planning to launch about 3-4 projects during this fiscal. The company has a total future development potential of over 35 million sq ft in MMR, which includes the acquisition of 9 million sq ft done in 2020.

“We are seeing a huge demand for residential projects, with people upgrading to better homes as Work From Home (WFH) gains further ground and looking to invest in real projects. The stock markets have also given investors good returns. The ready inventory is slowly being exhausted,” Sunteck Realty Chairman and Managing Director Kamal Khetan told BusinessLine in an interaction.

The company intends to launch its Naigaon Phase-III and the first phases of projects in Vasai and Vasind during the current fiscal. Following which, Sunteck Realty would start its Borivali project.

The firm will also continue to buy land parcels.

“I think this is the best time to acquire land parcels, and we plan to do a similar kind of land acquisition (about 9 million sq ft) in this year too. The land parcel buys would be funded from our internal accruals as our cash flows are strong,” Khetan said, adding, the present lockdown in the city will propel residential real estate sales for the next 2-3 quarters.

Khetan also believes that prices are expected to rise as there will be a dearth of ready apartments in certain locales.

On the delay in projects, Khetan said that delays are happening due to the global pandemic. Companies with prudent financial strategies will be less affected than the ones with heavy debt in their balance sheet.

Published on May 07, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor