In addition to the 5.6 million sq. ft. under development, Sunteck Realty is planning to start development of 2-3 million sq. ft. of real estate projects in this financial year, expecting a rise in demand in Mumbai Metropolitan Region (MMR).
The company will also launch its Naigaon Phase-III and the first phases of projects in Vasai and Vasind during this financial year.
“We are seeing a huge demand for residential projects, with people upgrading to better homes as Work from Home (WFH) gains further ground and looking to invest in real projects. The stock markets have also given investors good returns. The ready inventory is slowly being exhausted,” Sunteck Realty Chairman and Managing Director Kamal Khetan issued a statement. “I think this is the best time to acquire land parcels, and we plan to do a similar kind of land acquisition (about 9 million sq ft) in this year too.
The land parcel buys would be funded from our internal accruals as our cash flows are strong,” Khetan said, adding, the present lockdown in the city will propel residential real estate sales for the next 2-3 quarters
