Sunteck Realty signs a deal

Sunteck Realty Transcon signs a deal for a plot in Mumbai

News

In a recent development, Sunteck Realty a well-known name in Indian real estate market signed a deal with Transcon Developers to jointly develop a plot located in Mumbai. This land parcel is estimated to cover 7-acre of the area and is exactly situated in Off New Link Road that is near to the Lokhandwala Complex in Mumbai’s Andheri suburb.

According to the terms of joint development agreement [JDA], the Sunteck Realty and Transcon Developers will have an equal share in the project’s revenue and this is approximately to fall between Rs. 2,500 crore to Rs. 3,000 crore. This amount is estimated while keeping in view the present property rates in the area, in the ratio of 54% and 46% proportion, respectively.

Both the firms plan to develop a mixed-use project that will comprise of three residential towers, commercial and retail components. The total development potential is measured to 1.1 million sq ft approximately. The construction of a mixed-use project is likely to be completed in 4-5 years.

Kamal Khetan, CMD, Sunteck Realty confirmed the development and said that at the time of consolidation in the sector, this deal has given an upper edge to the company as we have expanded the business and also made our presence felt in the Mumbai Metropolitan Region (MMR). He further said that this project will strengthen the cash flow and balance sheet of the company.

The Transcon Developers will be responsible to get all the clearance and approvals, and the Sunteck Realty will look after the construction, execution, sales and marketing areas of the project. The project is close to areas such as Versova and Juhu.

Kirti Kedia, CMD, Transcon Developers said that the company has a big master development portfolio and is working closely with reputed developers for our land parcels. In the first phase, we plan to develop Transcon Triumph a boutique luxury project and we are about to receive Occupation Certificate for the same.