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Sunteck Forms JV To Build 7 Acre Housing Project In Mumbai; Eyes Rs 1,750 Cr Sales Revenue

Acquired under the asset light JDA (joint development agreement) model, the project will have about 1 million sq ft of development potential.

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Sunteck Realty Ltd on Wednesday said it has entered into a joint development agreement with a land owner to build a seven-acre luxury housing project in Mumbai region and expects sales revenue of Rs 1,750 crore from this property over the next five years.

The Mumbai-based firm said in a statement that it has secured a seven acre land parcel in Borivali (West).

Sunteck Realty would develop a luxury residential project.

Acquired under the asset light JDA (joint development agreement) model, the project will have about 1 million 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,' Sunteck said. The company did not disclose the name of land owner with whom it has entered into JDA. 

(PTI)