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Sunteck Realty earmarks Rs 2,500 cr to obtain realty projects

Wednesday, 16 May 2018
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Sunteck Realty has earmarked Rs 2,500 crore to acquire projects across affordable, mid-range and luxury segments.

The developer, who had earlier announced Rs 1,000 crore for acquisitions in affordable housing, will also target projects in middle and luxury segments, with a corpus of Rs 1,000 crore and Rs 500 crore, respectively.

The projects to be acquired will be within the Mumbai Metropolitan Region.

The investments will be from the company’s own cash flows and there will not be any need to raise funds.

Of the initial Rs 1,000 crore that Sunteck had earmarked for acquisitions, it has utilised Rs 60 crore in tying up with a local builder in Naigaon on the outskirts of Mumbai for joint development of 100 acre under the yet-to-be-unveiled brand.

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