Mumbai, Jan 21: Listed luxury real estate developer Sunteck Realty Limited has acquired a two-acre greenfield land parcel in Andheri East, close to the Mumbai International Airport, under a distressed asset transaction. The company informed the Bombay Stock Exchange and National Stock Exchange about the acquisition.
Rs 2,500-crore GDV potential
The land parcel, located off Andheri–Kurla Road, carries an estimated gross development value (GDV) of around Rs 2,500 crore. The site is situated less than 400 metres from Andheri–Kurla Road and within 250 metres of Sahar Road, offering direct access to key arterial routes, including the Western Express Highway.
Litigation issues resolved
According to the developer, the property was previously subject to land-related complexities and litigation for over a decade, involving multiple stakeholders. Over the last 18 months, Sunteck Realty engaged with all concerned parties to resolve these issues, enabling the company to secure clear ownership and unlock the site’s development potential.
Company commentary
Commenting on the acquisition, Kamal Khetan, Chairman and Managing Director, Sunteck Realty Limited, said the transaction reflects the company’s selective capital deployment strategy and its ability to execute complex deals.
He added that in a high-demand micro-market like Andheri East, where quality branded supply is limited, the site offers an opportunity to create a differentiated development.
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Third acquisition this financial year
This acquisition marks Sunteck Realty’s third strategic addition to its development portfolio in the current financial year, following a recent land acquisition in Mira Road and the securing of development rights for a housing society in Andheri East.
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