Sunteck Realty has entered into an agreement to acquire approx 50-acre land parcel at Vasind in the Thane district of Maharashtra. The project will offer approximately 2.6 million square feet, said a press release issued by the luxury developer.
Envisaged as one of the large residential development under the ‘Sunteck World’ brand in Thane district, the project will have a revenue potential of Rs. 1,250 crore (Rs. 12.5 Billion) spanning over the next four-five years, it added.
Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd, said, “The second strategic acquisition amidst the pandemic complements our strategy to strengthen our brand presence. Our Vasind acquisition reflects our differentiated development philosophy of focusing on strategic locations along the growth vector.”
The project, he said, will be largely residential, catering to the affordable segment. “With the ongoing COVID-19 scenario, I believe our upcoming projects will continue to fulfill the emerging customer needs,” he said.