Sunteck Realty Owns Land Parcel in BKC to Develop Commercial Project
Just recently, Sunteck Realty revealed that they have bought land in Bandra Kurla Complex in order to develop a world-class commercial complex that is proposed to generate whopping revenue of Rs. 500 Cr. The Mumbai-based real estate developer has bought the land parcel in order to develop this project through joint venture model. The development potential of this land is around 2 lakh sq. ft.
Currently real estate market is witnessing a slowdown. But the developer still predicts the revival of market not just for residential, but also for commercial side. Not only Sunteck, there are several major builders considering to launch their projects in BKC. So, they believe that it’s the right time to grab this opportunity. According to MD and Chairman, Kamal Khetan, the project has great potential to generate the revenue of around Rs. 500 Cr and it will enhance the position of the company.
The company has three world-class residential projects already and two rental commercial projects in BKC. According to Khetan, along with their absolute acquisitions, the JDA and JV model enable them to acquire the lands at very low cost and they will come up with world-class developments. The developer is looking forward to explore more and more opportunities to own more land parcels to add more value to their developments. They are also launching a whole new commercial development named Sunteck Centre II in Bandra Kurla Complex. They are expecting significant demand for commercial spaces in this area because their last two projects have been witnessing great response from the buyers.
They had also launched some of the excellent residential projects like Signia Pearl, Signature Island and Signia Isles in the heart of BKC and they have been getting amazing response so far. They have around 16 acres of land parcel in the western Suburbs, i.e. Goregaon and some land parcels in Kurla and Sion and Central Mumbai. They are looking forward to develop more commercial projects in these areas. They have chosen more sell model where they will develop the projects according to the discerning needs of the customers. They will launch more projects soon.