Even as many realty developers struggle to move their stock, Sunteck Realty Ltd has sold over 1,600 apartments at its MaxXWorld township in Naigaon in just two weeks.
The MaxXWorld project, which offers homes with 1 to 3 bedrooms, are priced in the range of Rs 30 lakhs to 55 lakhs.
The average price of a home sold so far is Rs 37.5 lakh, and the company has generated around Rs 600 cr from the sales so far. It should be noted that not all the money has to be paid up front. The amount is usually paid gradually, based on milestones and completion.
With an aim of driving sales quickly, the developer had offered incentives to those who booked the flats before Feb 10.
The project is located in Naigaon East, which lies toward the north of Mumbai, beyond Mira-Bhayander.
The company has a land parcel of around 150 acres in the area — one of the largest township projects on the Western Line.
MaxXWorld, which is part of Phase II development, occupies 15 acres.
This mixed-use township also has entertainment and retail sections.
The retail area will have a “high street, luxury mall with entertainment zones, multiplex, fine dining restaurants and food courts,” according to the company.
It will also offer “50 facilties and amenities” including a clubhouse, Sunteck added.
The relatively strong sales indicate continued appetite for affordably priced projects, even as properties priced above Rs 1 cr continue to see limited demand.
Affordable living is a vexing issue in Indian cities due to the rapid rise of property prices seen in the last three decades. Property prices are estimated to have risen by about 50 times during this period, making affordable only to those with variable income, such as businessmen and stock investors.
With speculators and property investors keeping away due to the poor condition of the market, developers have been forced to target end-users who buy flats to live in, rather than as an investment.
As a result, the last year or so has seen the launch of many affordable-category projects, where flats are priced in the Rs 25 lakh to 55 lakh category.
“Looking at continuous good sales momentum in Sunteck’s recent launches, the company is confident to maintain this strong sales traction in multiple upcoming launches coming soon,” Sunteck said.
The company has developed 30 million square feet spread across 25 projects so far, including Signature Island at Bandra Kurla Complex, Sunteck City in Oshiwara District Centre.
