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Sunteck Realty to pour Rs 5,000 cr into commercial properties

Thursday, 27 Jun 2019
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Sunteck Realty, a real estate builder and developer, is planning to make an investment to the tune of Rs 5,000 crore over the next three to four years.

The investment will be used towards building portfolio of commercial properties, including offices and retail development. The company aims to build a commercial and retail portfolio of USD 1.5 to 2 billion over the next few years.

The funding for the proposed development as of now will be done through internal accruals, cash flows and debt if required.

Of the total, around Rs 2,000 crore will be utilised to build commercial and retail realty projects spread over up to three million sq ft in Oshiwara District Centre (ODC), Mumbai, the new planned development by the state government in line with the central business district of Bandra-Kurla Complex (BKC).

The company is also planning to develop another one million sq ft office space around BKC, in addition to 0.5 million sq ft two office blocks that are currently under construction.

The proposed investment encompasses all of the projects, including one million sq ft in Naigaon. The company is planning to build the portfolio with an objective to list it as a Real Estate Investment Trust (REIT).

In ODC, a total 23 acre land parcel, the company is developing around three million sq ft of residential properties and a similar amount of commercial space as offices and retail malls.

Of the commercial development, the company is constructing two towers of one million sq ft each as office blocks, while the remaining will be developed as retail space.

Moreover, the company will also spend on acquiring new land parcels for commercial and retail projects in the Mumbai Metropolitan Region, especially in western suburbs.

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