Sunteck Realty has been appointed as the developer for the redevelopment of a housing society at Andheri (East) in Mumbai. The gross development value (GDV) of the project is estimated to be Rs 1,100 crore.
The land for the project, measuring approx. 2.5 acres, is located near the Western Express Highway (WEH), Mumbai. The project is expected to generate a free sale area of approx. 2.75 lakh sq. ft. for the company, after rehabilitating existing tenants.
The project is expected to be completed within three to four years from the commencement of construction to the handover date by the Society. It will be executed through a wholly-owned subsidiary of the company.
The entire development will be funded through internal accruals of Sunteck Realty.