BENGALURU: Real estate company Sunteck Realty Ltd announced on Monday that it has acquired around 110 acres on Pen-Khopoli Road in the Mumbai Metropolitan Area (MMR) to enter the second home segment.
The acquisition was made with a light joint development agreement strategy.
The land, which has a prominent riverside frontage, will be used to develop luxury plots and bungalows. The new acquisition will add approximately 4 to 5 million square feet of development potential to the company’s existing portfolio.
Mumbai-based Sunteck Realty Ltd has completed a number of acquisitions over the past 18 months to expand its presence in the MMR market. He acquired a 50 acre plot of land in Shahad (Kalyan) to build a 10 million square foot residential township with an income generation of approximately ??9,000 crores. It also acquired 50 acres in Vasai (west) with a development potential of 4.5 million square feet. It is also developing 2.6 million square feet in Vasind and luxury waterfront residences in Borivali (west) with revenue potential of approximately ??1,800 crore, totaling approximately 18 million square feet.
“We continue to make smart acquisitions and value-creating diversifications in the housing market, giving credence to the prospects for the industry to consolidate behind branded and financially strong developers. With the current project offering of a luxurious and larger second home for those aspiring to get away from the hustle and bustle of the city, Sunteck is now present across the entire value range for our clients ”, said Kamal Khetan, president of Sunteck Realty.
Secondary residences from ??50 lakh to ??50 crore is seeing increased demand from high net worth individuals, including tech entrepreneurs, corporate professionals and Non-Resident Indians (NRIs), as they seek to move away from cities amid the pandemic.
Developers such as Tata Realty and Infrastructure Ltd, DLF Ltd, Isprava and others are seeing demand for larger single-family homes, with office space, at higher budgets, both for individual use and as an investment, to Goa, Kasauli, Coonoor, Alibaug and other “out of town” locations.
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