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Sunteck Realty acquires 110 acres river front land at Pen-Khopoli

Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd.

Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd.

 

New Delhi: Sunteck Realty Ltd, India’s leading luxury real estate developer, will enter the highly lucrative second home space with the acquisition of approximately 110 acres on the Pen-Khopoli Road under the asset light JDA strategy. The project has a prominent river frontage. This land will be used for plotted and luxurious bungalows development. It has direct access to Pen-Khopoli main road and is located close to Pen city.

Sunteck Realty Ltd has been one of the largest acquirers of projects over the last 18 months, strengthening its presence in the MMR market as well as its credentials as one of the fastest-growing real estate companies in India. Some of the recent acquisitions under the asset light JDA model include a marquee 50-acre land parcel at Shahad (Kalyan) with the potential to develop 10 mn sq ft of integrated residential township with a revenue generation of approx. Rs 9,000 crore, an approx. 50 acre in the superior sea-view location of Vasai (West) having a development potential of approx. 4.5 mn sq ft and revenue potential of around Rs 5,000 crore, a large development of 2.6 mn sq ft at Vasind, and the waterfront luxury residences at Borivali (West) having revenue potential of around Rs 1,800 crore, all totaling 18 mn sq ft. This new acquisition further adds 4-5 mn sq ft of development potential to the existing portfolio.

“We continue to make astute acquisitions and value-accretive diversifications within the housing real estate market, giving credence to the outlook that the industry is consolidating behind branded, financially strong developers. With the current project offering of a luxurious, larger second home for those yearning to be away from the hustles and bustles of the city, Sunteck is now present across the full value spectrum for our customers. We believe that the entry of Sunteck will add immense value to the development of Pen-Khopoli real estate market.” said Mr. Kamal Khetan, Chairman, Sunteck Realty Limited.

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