In one of the biggest real estate deals post the lockdown, luxury developer Sunteck Realty Ltd has acquired a prime project of nearly 50 acres in Mumbai's posh location of Vasai (West) having a development potential of 4.5 million square feet in the Mumbai Metropolitan Region (MMR).
The project will have a revenue potential of Rs 5,000 crore over the next five to seven years, further strengthening the cash flow and the balance sheet of the company.
"This project is a perfect example of our philosophy of making research-based, value-added acquisitions," said Chairman and Managing Director Kamal Khetan.
"It will largely cater to the mid-income segment, especially post the COVID-19 scenario, since it fulfills the emerging customer needs: residential premises that complement today's luxurious lifestyle and suit the requirements for work-from-home," he said in a statement on Wednesday.
"Despite the preceding economic slowdown and the subsequent impact of the COVID-19, Sunteck has kept the pace of development and its promise to the home buyers to deliver quality homes. We will continue to reward our investors through the acquisition of such value deals," he added.
Sunteck Realty said with its unobstructed view of the Arabian Sea, the project is set to give a facelift to this upcoming micro-market in the MMR. The location also has good connectivity, upcoming infrastructure developments and all major amenities around it.
It will be a key addition to Sunteck's strong growth engines like Signature Island at Bandra Kurla Complex, SunteckCity at Oshiwara District Centre in Goregaon (West) and SunteckWorld at Naigaon.
( With inputs from ANI )