Sunteck Realty Inks Joint Venture For 7 Acre Development of Prime Waterfront Homes in Borivali West Mumbai

In a real estate land deal handled by JLL India, Sunteck Realty Limited has apparently ventured into a joint development understanding with the owner of a seven-acre land piece in a super prime location in Borivali West, Mumbai. The Mumbai based real estate developer will create a very strong luxury residential project here as the location is apt for the same. With the current Mumbai real estate market scenario and the predicted market scenario in Mumbai real estate over the next five years, the property developer is anticipating a healthy revenue turnover of more than INR 1700 Crores.

This new residential project in Borivali West will bring almost 1 million square feet of development on the table for Sunteck Realty. The approximate revenue to be churned in the next four to five years is estimated to be somewhere close to INR 1700 Crores and beyond.

The deal has happened under the popular model of joint development agreement (JDA) and the resultant upcoming luxury residential project would be one of its kind in the western suburbs of Mumbai. With an area that spans close to 7 acres, the development potential of this land parcel with the all permissions, FSI calculations, etc is easily close a million square feet.

One of the greatest features of this amazing land parcel is that it enjoys some of the best and clear views of the green mangroves of Borivali and Gorai region up to the Pagoda location and also beyond that.

As per Kamal Khetan, chairman, Sunteck Realty Limited - their company is happy to have inked this JV residential development as they feel that the strategic advantage of the sea view that this land offers along with the prime location could be be one of the major factors in its successful development and sales.

He also confirmed that the Sunteck brand would do its utmost best to create a world class luxury residential project on this land parcel in Borivali west.

By deploying their best resources in terms of planning, construction and development for the creation of a premium luxury project, Sunteck Realty aims to delightfully serve the local real estate market in this micro real estate market of Borivali west.

As per professional real estate consultants in Mumbai and property pundits alike, the demand for real estate in Mumbai western suburbs has consistently ensured that real estate markets for the same have always remained positive and healthy. The unending requirements of good quality homes in Mumbai western suburbs is definitely one of the major reasons that any decent real estate projects announced in this location gets lapped up in literally no time at all.

Adding to this factor, the announcement of stamp duty waivers, price reductions by property developers in Mumbai has surely created a higher momentum in the past 6 months for sales of ready Mumbai homes as well as under construction projects in Mumbai.