Sunteck Realty Enters Into Affordable Housing Segment
Sunteck Realty Limited steps into the affordable segment by breaking the conventional path and bringing in luxury for the aspirational with a potential development of 100 acres in Mumbai Metropolitan Region (MMR).
The project is acquired under the asset-light JDA model and has a potential of generating a revenue of over Rs. 5,500 crores with close to 1,500 crores realizable over the next 2 years. The project is located in Naigaon- the extended western suburbs, which is South of Vasai & Virar phased over the next five years.
Sunteck leaps into this project by looking at the opportunity wherein there is a significant migration & urbanization towards MMR. The future infrastructural developments like the 5km sea-link on the Vasai creek is going to enhance the connectivity of Naigaon to major locations driving the demand further up.
Sunteck is set to launch this project under a new brand of aspirational homes in a completely new division.
Mr Kamal Khetan, Chairman & Managing Director, Sunteck Realty Ltd:, said "In support of the government's initiative of 'Housing For All by 2022' , we at Sunteck venture into aspirational homes segment to provide a one of a kind product in a potential expanse of 100 acres. We believe this segment is a key growth driver for the real estate industry, as it now enjoys higher affordability given the government support through interest subsidies. In addition, the infrastructural transformation that will lead to better connectivity will give the project an added leverage.
Furthermore, by creating aspirational homes, Sunteck diversifies its risk by completing the array of the pricing spectrum from uber-luxury to affordable and at the same time being true to defining luxury living for all. This will augment the credibility, strengthen the cash flow visibility and stability of the company."