Sunteck Realty to develop residential township in Shahad, Maharashtra
Sunteck Realty Ltd. said that it intends to develop a marquee land parcel of around 50 acres at Shahad, near Kalyan in Maharashtra.
The Mumbai-based real estate and construction company will develop a luxury integrated residential township in the location under the asset light joint development agreement (JDA) model with Amar Dye Chem Ltd.
Sunteck Realty said that the acquisition of the land establishes its footprint in the Eastern suburbs of Mumbai Metropolitan Region (MMR).
The residential township project in Shahad is anticipated to generate revenue of nearly INR 9,000 crores over the next seven-eight years.
Kamal Khetan — Chairman of Sunteck Realty said: “We are happy to announce this value–accretive joint development plan with Amar Dye Chem Ltd. In-line with the trends seen post the pandemic, there is a growing demand for good peripheral locations around major metros.
“Thus, we are pleased to announce our entry into MMR’s robust Eastern micro-market of Shahad (Kalyan). Market consolidation in favor of quality and well-funded real estate companies has been an ongoing trend and Sunteck has been a key beneficiary of this trend, continuously expanding its business portfolio with attractive return opportunities.
“We shall bring in our best-in-class construction and development capabilities and endeavor to create a landmark development in this micro-market.”