Mumbai-based real estate development company Sunteck Realty Ltd, through a joint development model, has acquired a land parcel to develop a premium commercial project at the Bandra Kurla Complex (BKC), the company said in a press release. It did not disclose the deal amount.
The commercial project of around two lakh sq ft, is expected to generate revenue of about Rs 500 crore.
This adds to Sunteck Realty's assets at BKC where it has already three premium residential properties and two rented assets. The residential projects include Signature Island, Signia Isles and Signia Pearl.
“We are delighted to announce the acquisition of this new land parcel at BKC, one of the major CBDs. Apart from outright acquisitions, we at Sunteck have tried to maximise the JV-JDA model for acquisitions that enables us to acquire land parcels at a low-cost and come up with premium real estate developments on it. Going forward, we will continue to explore opportunities to acquire similar land parcels that will add value to the company," said Kamal Khetan, chairman and MD of Sunteck Realty.
Sunteck Realty caters to the ultra-luxury and luxury residential segment. The company has a city centric development portfolio of about 25 million sq ft spread across 24 projects at various stages of development and four rented assets.
It works with brands like Walt Disney, L&T and Talati & Panthaky to provide a unique residential experience to its customers.
Sunteck Realty plans to launch another commercial project, Sunteck Centre II, at the BKC-Kalina junction.
It is backed by Kotak Investment Advisors which invested back in 2007. In 2010, it had sold 1.73 per cent stake in the company for Rs 46.2 crore through the open market.
Sunteck Realty's scrip last changed hands at Rs 221.95 each, down 2.53 per cent on BSE in a strong Mumbai market on Friday.