09 February 24
Projects at Nepean Sea Road and Bandstand are valued at over 3k cr.
Mumbai: Real estate major Sunteck Realty has entered into agreements to redevelop two prime projects together valued at over 23,000 crore in the affluent area of Nepean Sea Road in South Mumbai and the upscale Bandstand locality in Bandra West.
Both projects spread over a cumulative land parcel of 1.5 acres are located directly along the seafront and are expected to generate sale potential of over 3 lakh square feet, company officials said.
While the company has already developed luxury projects in the plush Bandra suburb of Mumbai, the Nepean Sea Ro- ad project marks its foray into South Mumbai, the most ex- pensive property market in the country.
“Our commitment to deliver uber-luxury and ultra-luxury projects remains steadfast with these new projects at Ne- pean Sea Road and Bands- tand, where we will be creating unparalleled landmarks in Mumbai’s real estate lands- cape,” said Kamal Khetan, chairman and managing di- rector of Sunteck Realty..
The Nepean Sea Road project will be spread over a land parcel of an acre and the developer has bought out the erst- while land owner. While some tenants in this property have already vacated, few others are expected to move out soon.
The project on Bandstand will be spread over half an acre sea-facing land parcel and the current residents will also be offered apartments he re. The listed company has al- ready developed luxury residential projects in Bandra that have witnessed deals concluded by several prominent personalities from the corporate world, Bollywood, and banking fraternity
The new projects are expected to add Gross Development Value (GDV) of ₹3,000 crores to Sunteck Realty’s portfolio. The developer has more than doubled its GDV to ₹30,100 crore in the current financial year from ₹12,500 crore in 2021-22.
Khetan said, the company will continue the momentum of aggressive business development and expand the port- folio as one of the major players in the real estate market.
Sunteck Realty’s current portfolio consists of city-cent- ric development around 52.5 million square feet spread across 32 projects.
Real estate projects involving the redevelopment of old housing societies and re- habilitation are the mains- tay of the Mumbai region’s property market.