Sunteck Realty reports robust growth and partnership with IFC in H1 FY24 updates
Mumbai-based luxury real estate magnate, Sunteck Realty Limited, unveiled its business and operational updates for H1 FY24, boasting impressive figures and announcing a significant partnership.
Operational Achievements
During the first half of FY24, Sunteck displayed an admirable growth of 16.7% YoY in pre-sales, amounting to approximately Rs 782 crores. Additionally, collections during this period reached a strong Rs 502 crores. The second quarter of FY24 alone witnessed a pre-sale growth of 17.2% YoY, hitting around Rs 395 crores, with collections at a healthy Rs 214 crores.
Green Initiative of Sunteck Realty with IFC
A standout development from the update was Sunteck’s joint venture with IFC, part of the World Bank Group. Together, they aim to invest up to Rs 750 crores to facilitate the development of nearly 12,000 high-quality housing units spread over 4-6 green housing projects within the Mumbai Metropolitan Region (MMR). Targeting the mid-income demographic, this partnership aligns with Sunteck’s dedication to this segment and reinforces their in-house ability to execute large-scale housing ventures in the MMR.
Product Launches & Business Development
Sunteck Realty recently unveiled two major projects: Sunteck Beach Residences in Vasai West and Sunteck Sky Park in Mira Road. Both have garnered significant attention and praise. Now, Sunteck has a portfolio of five major ongoing projects that are anticipated to continue generating substantial cash flows and profit margins. Furthermore, two more ambitious projects are on the horizon for Sunteck – in the eastern suburbs of Kalyan and the posh locale of Nepean Sea Road in South Mumbai.
Recognition in Sustainable Development
On the sustainability front, Sunteck has clinched an impressive score of 95 in the GRESB (Global Real Estate Sustainability Benchmark) Assessment, further adorned by a 5-star rating. Their third rank in the Asia-pacific Diversified Office/Residential Peer comparison is a testament to their commitment to the environment, stakeholder engagement, and fostering communities.