Sunteck Realty, a listed real estate developer, has secured redevelopment rights for a housing society in Andheri East, Mumbai. The project, spanning 2.5 Acres of land, has a revenue potential of approximately 1,100 INR-Crore. It is part of a society-led redevelopment agreement, marking a significant addition to Sunteck’s portfolio.
The redevelopment spans over 1 Million-SqFt of construction potential. This includes 275,000-SqFt of free sale component. Construction is set to begin after the society hands over the site, and approvals are currently in progress. The project timeline targets completion within 36 to 48 months post-handover. Additionally, the total investment is estimated at 750 INR-Crore. This covers construction costs, floor-space index premiums, rentals, and corpus payments to the society.
Also Read: Upcoming Luxury Residential Project – Anvita High 9, Hyderabad
Moreover, the company plans to fund the development entirely through internal accruals. Originally built in 1968 by LIC employees, the society comprises 11 buildings. It was established on an ownership basis by LIC staff. Sunteck Realty’s focus on prime locations of Mumbai strengthens its market presence.
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Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, the image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article, please email editor@biltrax.com.
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