Sunteck Realty Acquires Prime Land in Andheri East for Luxury Real Estate Development
Sunteck Realty, a listed luxury real estate developer, has made a significant move by acquiring a two-acre greenfield land parcel in Andheri East, Mumbai. The land, located close to the Mumbai International Airport, was secured under a distressed asset transaction. The company has informed both the Bombay Stock Exchange and the National Stock Exchange about this strategic acquisition.
The land parcel, situated off Andheri–Kurla Road, boasts an estimated gross development value (GDV) of around Rs 2,500 crore. Its prime location, less than 400 metres from Andheri–Kurla Road and within 250 metres of Sahar Road, provides direct access to key arterial routes, including the Western Express Highway.
The property had been subject to land-related complexities and litigation for over a decade, involving multiple stakeholders. Over the past 18 months, Sunteck Realty worked diligently to resolve these issues, ensuring clear ownership and unlocking the site’s development potential.
Commenting on the acquisition, Kamal Khetan, Chairman and Managing Director of Sunteck Realty Limited, highlighted the company’s selective capital deployment strategy and its ability to execute complex deals. He emphasized that in a high-demand micro-market like Andheri East, where quality branded supply is limited, the site offers a unique opportunity to create a differentiated development.
This acquisition marks Sunteck Realty’s third strategic addition to its development portfolio in the current financial year. Earlier, the company acquired land in Mira Road and secured development rights for a housing society in Andheri East. These moves underscore Sunteck’s commitment to expanding its footprint in key locations within Mumbai.
Sunteck Realty’s focus on high-value, strategically located properties aligns with the growing demand for luxury real estate in Mumbai. The company’s ability to navigate complex legal and regulatory environments positions it well to capitalize on these opportunities and deliver premium developments that meet the needs of discerning buyers.
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