Sunteck Realty Purchases Plum Project in Andheri West Mumbai

In what can be termed as yet another example of consolidation in the real estate sector, prominent developer Sunteck Realty has purchased a plum project close to Lokhandwala, Andheri (West), Mumbai from Trancson Developers through the joint development agreement. The project that already has one completed tower is spread over six acres of land and has a development potential of around 1.1 million sq.ft. in the saleable area with revenues that will hover around,3000 crores in the coming 4 to 5 years.

Sunteck Realty is believed to build four more towers on the land, with two and three BHK luxury apartments, which will cost in access of Rs.3.5 crores each. As per those who are familiar with this deal, it wasn’t a distressed asset and presents a win-win situation for both the parties. The Sunteck brand will add on to the value of the project by attaching with it a luxury tag thereby attracting the preferred suitors.

 This upcoming project in andheri east will most probably attract buyers from mid-level entrepreneurs and professionals.

Sunteck will not need to make much investment in the project as the sales will arrange for the necessary liquidity for construction. The revenue will be divided in a ratio of 54:46 between Sunteck and Transcon.