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Sunteck Realty Limited rating affirmed AA- with the outlook upgraded to Positive
Posted On: 2021-02-25 08:48:36 (Time Zone: Arizona, USA)
Sunteck Realty Limited, Mumbai s premium real estate developer announced its long-term issuer rating affirmation of AA- with the outlook upgraded to Positive by India Ratings & Research (Fitch Group).The short term issuer rating has been affirmed A1+ .
The upgrade in Outlook reflects the credit rating agency s expectation of an improvement in the business profile of Sunteck due to acceleration in the already consolidating residential real estate market, with the pandemic-related disruptions having constrained demand and supply from unorganised real estate developers. The outlook upgrade is also supported by the resilient operating performance of Sunteck despite the pandemic. The price point diversity across completed, ongoing and new project launches, prudent financial policies, strong credit metrics and cashflow visibility also
Read more about Sunteck Realty Q3 PAT tumbles 34% to Rs 22 cr on Business Standard. The real estate developer s consolidated net profit skid 34.2% to Rs 22.15 crore on 3.3% increase in net sales at Rs 204.65 crore in Q3 December 2020 over Q3 December 2019.
Highlights
Budget went paperless this time.
Budget session will be held in two phases Jan 29 to Feb 15 and March 8 to April 8.
New Delhi: Finance Minister Nirmala Sitharaman s announcement to extend additional tax deduction of Rs 1.5 lakh on home loan interest till March 2022 and tax holidays on affordable housing projects in the Union Budget 2021 will boost demand for residential properties, according to real estate developers and consultants.
Announcing relief to affordable housing and rental housing in the Union Budget 2021, the Finance Minister proposed to extend the eligibility period for claim of additional deduction for interest of Rs. 1.5 lakh paid for loan taken for purchase of an affordable house to 31st March, 2022.