- 12 Sep 2022
- ICICIdirect Research
Sunteck Realty acquires ~7.25 acres land parcel in Beverly Park, Mira roadSUNTECK - 285 Change: 11.75 (4.30 %)
News: Sunteck Realty has acquired a land parcel of 7.25 acres at Beverly Park, Mira Road under the JDA model. The company plans to develop luxurious residences that will offer unparalleled lifestyle living with premium retail. The project is estimated to have development potential of 2.5mn sqft built up area and a revenue potential of Rs 3,000 crore.
View: Sunteck Realty has done multiple acquisitions to the tune of 25.5 mn sqft i.e. Borivali West, Vasai West, Shahad-Kalyan, Vasind, Pen-Khopoli and now Beverly Park, Mira Road, in the last two to three years. This takes the total development portfolio to 52.5 mn sq ft across 20 projects. The project has further strengthened Sunteck’s presence in the MMR market. However, we would await execution and sales volume traction, which has lagged.