In one of the biggest real estate deals post the lock-down India’s leading luxury developer, Sunteck Realty acquired a 50-acre property in the North Mumbai suburb of Vasai West.
The company did not disclose the cost of the acquisition, but given the location and the size of the property, the deal is likely to be one of the biggest in India’s real estate industry which is currently in a slumber post the COVID-19 lock-down.
Sunteck, which typically focuses on the ‘aspirational’ and luxury segments, said it will focus on ‘mid-income buyers’ for this upcoming project.
The plot offers the potential to develop as much as 4.5 mn square feet — which translates to about 6,000-7,000 mid-sized (2 BHK) homes.
The company estimates that the project can generate sales of around Rs 5,000 cr over the next 5-7 years.
Vasai West is considered an affordable residential locality on the West coast of Mumbai, and an alternative to pricier options such as Borivali, Kandivali and Goregaon.
Many people prefer to stay on the West Coast due to its proximity to the sea and cleaner air.
“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,” said Sunteck Realty.
Kamal Khetan, Chairman and Managing Director of Sunteck Realty said the acquisition was done after much research.
“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 today’s luxurious lifestyle and suit the requirements for work from home.”
Sunteck has a portfolio of about 31 million square feet spread across 26 projects under five brands – Signature, Signia and Sunteck City for the premium market and Sunteck World for the aspirational market.
Some of its projects include Signature Island at Bandra Kurla Complex (BKC), Sunteck City in Oshiwara District Centre (ODC), Goregaon and SunteckWorld at Naigaon – the largest township on Mumbai’s western line.
The company reassured investors that its debt levels remains one of the lowest in India, which enables it to pursue growth even at a time when the rest of the industry has slowed down due to the COVID-19 pandemic and a general economic sluggishness.