Mumbai-based premium housing construction company, Sunteck Realty Ltd has informed the Stock Exchanges that the Company has acquired a land of about 50 acres in the posh location at Vasind in Thane. The project is envisaged as a one of the large residential development under its brand ‘Sunteck World’ in Thane District, having a revenue potential of Rs.1,250 crores spanning over next four to five years, the construction conglomerate said in a regularly filing. Under this project, the company is planning to develop a residential township of admeasuring 2.6 million sq. ft under the brand ‘SunteckWorld’.
Considering at the revenue aspect, this project is expected to generate revenue to the extent of about Rs 1,250 crore over the next four to five years. The company expect that this would result in further strengthening its cash flow as well as the balance sheet. This project is mainly targeted to cater to the affordable residential sector, particularly post the COVID-19 situation. In July 2020, the SunTech had acquired a prime project of about 50 acres in the posh location of Vasai-West with a targeted revenue of Rs 5,000 crore.
During second-quarter financial year-21, the SunTech witnessed substantial growth in pre-sales at Rs 200 crore, up by 98 pc on a quarter-on-quarter basis and up by 96 pc on a year on year basis. The company also recorded strong growth in collections on a quarter on quarter basis by 117 pc in second quarter FY21. However, collections have been declined on a year-on-year basis by 24 pc in second quarter FY21.