Sunteck Realty Will Spend Around INR 7000 Cr to construct 25 Million Plus Sq Ft in Coming 8 Years

In fiscal year 24 (FY24), Sunteck Realty Ltd, a Mumbai-based luxury real estate developer, will focus on developing the 25.5 million square feet of projects acquired in Mumbai during the previous two years.

Kamal Khetan, chairman and managing director of Sunteck Realty Ltd, said that the company will spend around INR 7,000 crores over the next 7-8 years, with an initial investment of approximately INR 400 crores. During the 22nd fiscal year, the company's revenues were 218.54 crore INR.

Since the onset of the Covid-19 outbreak, Sunteck Realty has acquired properties around the MMR area, including in Vasai West, Vasind, Borivali West, Kalyan (Shahad), and Mira Road. These projects have a total gross development value (GDV) of close to 20,000 crore, and between 80 and 85 percent of them will be residential, while the remaining 15 percent would be commercial and retail as per Kamal Khetan.

During the past 12 to 24 months, the industry has undergone significant consolidation, especially among troubled developers who have been unable to complete their projects and are either giving up or partnering with a strong developer — larger and better-known developers in the real estate market — to finish the project, he explained. Even Sunteck has taken advantage of this, since many of our projects include distressed buildings.
Regarding the development of its national market, the MD said that the MMR region will be the key focus over the next few years, with Pune and Goa being explored for expansion outside of the MMR region.

"We have no ambitions to expand nationwide, since we consider the Mumbai market to be one of the strongest and most robust in the country. Only in Mumbai is it feasible to produce products for 5,000 per square foot and 1 lakh per square foot, respectively.
Additionally, developers from the National Capital Region and the South have entered the Mumbai market, highlighting the sector's potential."