The primary reason for acquiring the land is to start a development project on it, the land will be used for plotted and bungalow development. Pen city will be the nearest location to the project and it has a development potential of 4-5 million sq. ft.
In the media release, Sunteck Realty revealed that under the asset-light JDA (joint development agreement) strategy it has acquired approximately 110 acres of land parcel to develop a second home project along the Pen-Khopoli Road in Mumbai.
The primary reason for acquiring the land is to start a development project on it, the land will be used for bungalow development and plotted. Pen city will be the nearest location to the project and it has a development potential of 4-5 million sq. ft.
Under the asset-light joint development agreement over the last 18 months in the Mumbai Metropolitan Region (MMR), the company has acquired several development projects. The company always comes with something new and innovative in their development projects and soon will be recognized in these projects.
Kamal Khetan, Chairman of Sunteck Realty said in an interview with Economic Times “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”
50 acres of a land parcel recently acquired by the company at Shahad (Kalyan) to start a development project with the potential of developing 10 million sq ft of the integrated residential township. The revenue generation of the project will be approximately Rs 9,000 crore.
Sunteck Realty in Vasai west has also acquired 50 acres of land approximately. The project has a development potential of Rs 5000 crore approx. and a 2.6 million sq. fit large development at Vasind.
