Sunteck Realty, the leading developer firm has had its eyes on Mumbai’s result driven real estate investments already before the start of 2018. The property giant is now ready to invest as much as 1500 crores in rental properties of Goregaon to acquire office and retail space measuring around 2.6 million sq. ft.
With have raised about 650 crore with the help of a qualified institutional placement (QIP), the firm is now eyeing to take the revenue income to about 500 crore annually by investing in the given real estate. The firm has been around in the city long enough to qualify as a key investor and also owns a 23 acre area of land called the Sunteck City.
The feat marks a significant milestone in Sunteck’s plan of capitalizing on the hot favorite real estate segment in Mumbai right now – the office space. The realty firms already runs about 2,00,000 sq ft area of office space that generates about 20 crore annually. After seeing heavy investments made by ICICI bank and foreign giants into the same sector, the trend seems to continue quite healthily.
“We want to build a huge rental portfolio which is currently missing. The top global funds are aggressively for quality commercial assets. There is a huge demand for commercial office buildings and we may decide to REIT from that portfolio,” chairman, Sunteck Realty, said in an interview.
Recently, Sunteck has acquired 100 acre of land in Mumbai’s metropolitan area to welcome their new projects aimed at developing affordable housing society. This step is taken in the light of the fact that affordable housing is one of the key trends in real estate sector that is expected to hog in profits for developers as the demand for the same continues to rise.
The newly acquired land will be used to develop about 10 million square of sealable land that will act as a township for local residents. This deal is another feather in the hat for Sunteck realty who is expecting a net revenue of 5500 crores with this investment.
The project will be completed in coming six years and will be equipped with all the latest facilities one expects from such a project. Adding appropriate facilities to the affordable apartments, and shrinking down on covered area has been a favorable tactic that real estate developers are employing to keep the costs under check.
“This project marks our entry into the affordable housing segment and we will be developing it under a separate brand to differentiate it from the rest of our projects,” chairman Kamal Khetan told PTI. [source]
The Sunteck City is a breeze of fresh air for settlers looking for luxury accomodation at prime rates. Spacio Realtors are open for booking enquiries and personalised guidance for the ODC Goregaon West Sunteck City, and you can contact us for the same. We’ll get back as soon as possible to you.
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