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Sunteck Realty Limited announces Operational Update for Q4 & FY21
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Sunteck Realty gains after Q4 collections spurt 27% QoQ
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Sunteck Realty spurted 4.34% to Rs 291 after the company said it has secured a 7 acre land parcel at Borivali (West), Mumbai to develop a luxury residential project.Acquired under the asset light Joint Development Agreement ( JDA ) model, the residential project in the western suburbs of the city is spread across 7 acres and will have approximately 1 mn sq. ft of development potential. It is expected to generate a project top line of around Rs 1,750 crore over the next 4-5 years further strengthening the cash flow and the balance sheet of the company.
Commenting on the latest acquisition, Kamal Khetan, the chairman of Sunteck Realty, said: We are pleased to have entered this joint venture. Given the land parcel is overlooking the sea, this development shall provide an opportunity to curate a unique and world class residential product consistent with the Sunteck brand. We shall bring in our best in class construction and development capabilities of luxury living. Our endeavor is to
Mar 21, 2021
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 provided conviction to the outlook upgrade.
Commenting on the same, Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said: “This affirmation of ‘AA-’ credit rating with upgrade in outlook to ‘Positive’ by India Ratings is a reflection of our continued focus on prudent cash flow management along with financial discipline. Strong operating cash flows has aided u
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