Sunteck Realty has secured a 7 acre land parcel at Borivali (West) in Mumbai to develop a luxury residential project in the residential locality. JLL India was the exclusive transaction partner for the JV.
Acquired under the asset light JDA model, the residential project in the western suburbs of Mumbai is spread across 7 acres and will have approximately 1 mn sq. ft. of development potential. It is expected to generate a project topline of around Rs 1,750 crore over the next 4-5 years further strengthening the cash flow and the balance sheet of the company. The project is likely to offer unobstructed views of the mangroves of Borivali and Gorai right up till the Global Vipassana Pagoda and beyond.
“We are pleased to have entered this joint venture. Given the land parcel is overlooking the sea, this development shall provide an opportunity to curate a unique and world class residential product consistent with the Sunteck brand. Sunteck Realty will bring in our best in class construction and development capabilities of luxury living. Our endeavor is to create a landmark development in this micro-market” said Kamal Khetan, chairman at Sunteck Realty Limited.
“Mumbai western suburbs continue to remain one of the most dominant and active end user residential markets in the country. Historically low home loan rates along with government incentives as well as rationalisation of prices by real estate developers has led to healthy ready inventory absorption in the past few quarters. As such, we feel the trend to percolate to newer launches and under-construction projects as well. Stronger brands should continue to observe aggressive sales going ahead,” said Nishant Kabra, senior director & head – land and development services (West India) at JLL India.
Borivali West – located in the western suburb of Mumbai has transformed into an excellent residential destination owing to good road/rail connectivity and social infrastructure.