BusinessWire India
Mumbai (Maharashtra) [India], December 22: Sunteck Realty Limited, a Mumbai-based premium luxury real estate developer, has reduced its net debt to zero by gaining a cash flow surplus that will be utilised to further accelerate business operations.
A recent sale of 60 lakh shares (4.10 per cent) of Sunteck Realty Limited by its wholly owned subsidiaries Satguru Infocorp Services Private Limited and Starlight Systems Private Limited have generated a substantial cash flow which shall be retained & consolidated with Sunteck Realty Limited, leading to nullifying the net debt and generating positive cash flow in the company.
Sunteck Realty now has 6 large projects as growth engines with the recently launched Kalyan project 'Sunteck Crescent Park', which also marks the entry of Sunteck in the Eastern Suburbs of the Mumbai Metropolitan Region (MMR). Furthermore, Sunteck Realty project Sunteck Maxx World is nearing completion leading to a significant revenue of Rs 750 crores to Rs 850 crores, which will be recognised by the end of Financial Year 2024.
Sunteck Realty Limited (SRL) is one of the fastest growing Mumbai-based luxury real estate development companies. SRL has an immaculate track record of having one of the lowest net Debt/Equity ratios, financial prudency and sustainable growth. The company focuses on a city centric development portfolio of about 52.5 million square feet spread across 32 projects. Sunteck Realty has differentiated its projects under six brands - 'Signature': Uber luxury residences, 'Signia': Ultra luxury residences, 'Sunteck City' & 'Sunteck Sky Park': Premium luxury residences, 'Sunteck Beach Residences': Marquee Luxury Destination, 'Sunteck World': Aspirational luxury residences, 'Sunteck': Commercial & Retail developments. The company has been a trendsetter in creating iconic destinations such as the flagship project, Signature Island at Bandra Kurla Complex (BKC), Sunteck City in Oshiwara District Centre (ODC), Goregaon and SunteckWorld at Naigaon - the largest township of MMR's western Suburbs.
Disclaimer
Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Sunteck Realty Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
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