Sunteck Realty has acquired a 7.25 acres land parcel at Beverly Park, Mira Road, Mumbai under the joint development agreement (JDA) model.
The project is estimated to have development potential of approx 2.5 million sq ft built up area and a revenue potential of around Rs 3,000 crore.
JLL was the transaction partner for this joint development.
“We are witnessing a tremendous amount of deal activity, be it trades involving high capital outflows or asset light models like joint developments, joint ventures or developer management contracts. Since the pandemic, the residential market both in terms of sales as well as new project acquisition is evidently consolidating amongst financially sound and operationally capable developers,” said Nishant Kabra, co-head – Capital Markets (West India), India, JLL
Post pandemic, Sunteck Realty has done multiple acquisitions to the tune of 25.5 million sq ft in areas such as Borivali West, Vasai West, Shahad-Kalyan, Vasind, Pen-Khopoli, taking the total development portfolio to 52.5 million sq ft across 20 projects.