Sunteck Realty plans to spend Rs 5,400 crore by 2020

MUMBAI: Sunteck Realty plans to spend around Rs 5,400 crore through the rest of this decade to develop 8 million sqft of commercial and residential property.

"We will be spending Rs 5,400 crore over the next 7-8 years to develop 18 million sqft worth projects, mostly across the metropolis," the realty developer's Vice-President for finance Sumesh Mishra told PTI here today.

The firm is currently developing 27 projects of around 35 million sqft. Of this 18 million sqft are exclusively developed by Sunteck, while the rest are under partnerships, he said.

"Of 27 projects, 13 are being implemented by Piramal Sunteck Realty, a 50:50 joint venture between the Ajay Piramal Group and Sunteck. The rest are being developed by us," he said, adding the company has spent Rs 2,000 crore for acquiring 35 million sqft land.

"There is a demand in the luxury space. We see a huge potential for our business to grow in this scenario. Therefore, over the next 7-8 years, we expect to generate nearly Rs 20,000 crore from our 18 mn sqft development."

The company will be completing five projects, including commercial and residential of around 2.5 mn sqft worth Rs 500 crore, in this calendar year, he said.

Of these, two are commercial properties coming up in Goa and suburban Andheri in Mumbai. The rest are luxury residential in Navi Mumbai (Signia Oceans), Nagpur (Signia Sky) and Bandra-Kurla Complex (Signature Island).

Meanwhile, Sunteck, along with luxury mobile phone maker Vertu, has launched concierge services for the residents of Signature Island.

Under the pact, Vertu Signature and Constellation handsets will be provided in each apartment that will enable the residents to experience exclusive lifestyle without having to actually arrange themselves, Mishra said.