BENGALURU: Real estate firm Sunteck Realty Ltd on Monday said it has acquired about 110 acres on Pen-Khopoli Road, in Mumbai Metropolitan Region (MMR), to enter the second home segment.
The acquisition has been done with an asset light joint development agreement strategy.
The land, which has prominent river frontage, will be used to develop plots and luxury bungalows. The new acquisition will add about 4-5 million sq ft of development potential to the company’s existing portfolio.
Mumbai-based Sunteck Realty Ltd has made a number of acquisitions over the last 18 months to expand its presence in the MMR market. It acquired a 50-acre land parcel at Shahad (Kalyan) to build a 10 million sq ft residential township with a revenue generation of around ₹9,000 crore. It also acquired 50 acres in Vasai (west) with 4.5 million sq ft development potential. It is also developing 2.6 million sq ft at Vasind and waterfront luxury residences at Borivali (west) with revenue potential of around ₹1,800 crore, all totaling to around 18 million sq ft.
“We continue to make astute acquisitions and value-accretive diversifications within the housing market, giving credence to the outlook that the industry is consolidating behind branded, financially strong developers. With the current project offering of a luxurious, larger second home for those yearning to be away from the hustle and bustle of the city, Sunteck is now present across the full value spectrum for our customers,” said Kamal Khetan, chairman, Sunteck Realty.
Second homes priced from ₹50 lakh to ₹50 crore are seeing a pick-up in demand from wealthy individuals, including tech entrepreneurs, corporate professionals and non-resident Indians (NRIs), as they look to get away from cities amid the pandemic.
Developers such as Tata Realty and Infrastructure Ltd, DLF Ltd, Isprava, and others are seeing a demand for larger individual homes, with office space, at higher budgets, both for individual use and investment, in Goa, Kasauli, Coonoor, Alibaug and other ‘away from the city’ locations.
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