Sunteck Realty plans to develop integrated residential township in about 50-acre land parcel under the asset light joint development agreement (JDA) model with Amar Dye Chem at Shahad (Kalyan), Mumbai , the company said in a media release.
The project will see a potential development of about 10 million sq ft and is expected to generate around Rs 9,000 crore over the next 7-8 years, according to the company.
“Market consolidation in favor of quality and well-funded real estate companies has been an ongoing trend and Sunteck has been a key beneficiary of this trend, continuously expanding its business portfolio with attractive return opportunities,” said Kamal Khetan, chairman, Sunteck Realty.
This will be the fourth acquisition by Sunteck since covid-19 pandemic. Before this it has done three project acquisitions at Vasai, Vasind and Borivali, totaling about 8 million sq ft.