Sunteck Realty forms partnership to develop 110-acre housing project in Maharashtra

Sunteck Realty Ltd on Monday said it has signed a joint development agreement to develop a new housing project in Maharashtra on 110-acre land parcel.

In a regulatory filing, Sunteck said it would "enter the highly lucrative second home space with the acquisition of approximately 110 acres on the Pen-Khopoli Road under the asset light JDA (joint development agreement) strategy".

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This land would be used for plotted and luxurious bungalows development, it added.

This new acquisition further adds 4-5 million square feet of development potential to the existing portfolio, the filing said.

Under the asset light JDA model, the company recently tied up for a 50-acre land parcel at Shahad (Kalyan) with potential to develop 10 million square feet of integrated residential township with a revenue generation of around Rs 9,000 crore.

It also entered into JDA for an approximately 50-acre land parcel in Vasai (West) having a development potential of 4.5 million sq ft and a revenue potential of around Rs 5,000 crore.

"We continue to make astute acquisitions and value-accretive diversifications within the housing real estate market, giving credence to the outlook that the industry is consolidating behind branded, financially strong developers," said Kamal Khetan, Chairman, Sunteck Realty Ltd.

The company focuses on a city centric development portfolio of about 38 million square feet spread across 19 projects.