Sunteck Realty inks agreement to develop commercial project at Bandra Kurla Complex

MUMBAI: Realty developer Sunteck Realty has entered into an agreement to jointly develop a commercial project at the junction of Bandra Kurla Complex ( BKC), the company said in a release.

According to the company, the project has development potential of around 2 lakh sq ft and is expected to generate revenue of around Rs 500 crore.

Separately, the company reported consolidated net profit of Rs 82.4 lakh for the quarter ended June against Rs 84.20 lakh a year ago. Total income for the quarter stood at Rs 23.59 crore against Rs 18.48 crore a year ago.

“Apart from outright acquisitions, we at Sunteck have tried to maximize the joint venture-joint development agreement model for acquisitions that enables us to acquire land parcels at a low cost and come up with premium real estate developments on it. Going forward we will continue to explore opportunities to acquire similar land parcels that will add value to the company,” said Kamal Khetan, CMD of Sunteck Realty.

On Thursday, shares of Sunteck Realty closed at Rs 227.70 on the Bombay Stock Exchange, down 3.4% over previous close.