Sunteck Realty buys Goregaon plot for 300 crore, Kotak co-invests Rs 150 cr

MUMBAI: Listed company Sunteck Realty has acquired 16 acres of land in Mumbai's Goregaon suburb for 300 crore. Kotak Private Equity has co-invested 150 crore along with Sunteck for the land parcel, the developer informed the Bombay Stock Exchange, or BSE, on Thursday.

"It's a structured deal with Kotak. We are aiming to provide an exit to them in the next three to four years. The project will be completed in a phased manner and has total revenue potential of 5,000 crore," said Kamal Khetan CMD, Sunteck Realty.

The company is planning to develop around four million sq ft of mixed-use project on this land parcel.

Sunteck Realty already owns seven acres close to this 16-acre plot, and both the projects together are estimated to provide up to six million sq ft of developable area.

On Thursday, Sunteck Realty shares closed at 371 on the Bombay Stock Exchange, up 0.6% from Wednesday's close.