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Sunteck Realty share zooms 8% post strong Q1 update
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Sunteck Realty first quarter sales booking up 74% at Rs 176 crore
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Distressed sales in costliest Indian home market lure Sunteck Realty
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Last Updated: May 11, 2021, 07:45 AM IST
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Synopsis
Land is selling at 20% to 30% discounts in India’s most expensive property market, according to the homebuilder.
Agencies
Sunteck Realty acquired about 9 million square feet last year, and is in talks to purchase more in 2021.
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NSE
By Dhwani Pandya
Sunteck Realty Ltd. was the first to spot a business opportunity a decade ago, when it snapped up land in Mumbai’s upcoming financial district and built homes for wealthy bankers. Now, as a fallout of a prolonged cash squeeze and the pandemic, it sees a bargain brewing once again.
May 07, 2021
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The company to launch its Naigaon Phase-III and the first phases of projects in Vasai and Vasind during the fiscal.
Sunteck Realty is planning to start development of 2-3 million sq ft of real estate projects in this financial year, in addition to the 5.6 million sq ft under development, expecting a rise in demand in Mumbai Metropolitan Region (MMR).
The Mumbai-based firm is planning to launch about 3-4 projects during this fiscal. The company has a total future development potential of over 35 million sq ft in MMR, which includes the acquisition of 9 million sq ft done in 2020.
“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 told BusinessLine in an interactio
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