Sunteck Realty Limited, Mumbai-based real estate developer has announced its operational & business updates for the quarter and half year ending 30th September 2023, on Saturday through an exchange filing.
Operational Performance
During the first half of FY24, Sunteck registered a growth of 16.7 per cent Year-on-Year in the pre-sales at Rs 782 crores against that of Rs 670 crores in the same time frame in the previous financial year. Collections for the first-half fell at Rs 502 crores from the earlier Rs 616 crores in the previous year. During Q2 FY24, pre-sales for the company grew by 17.2 per cent YoY to Rs 395 crores. However, Collections fell to Rs 214 crores against Rs 331 crore that was collected in the second quarter of FY23.
Sunteck - IFC, World Bank Group joint investing platform
Sunteck and IFC (International Finance Corporation) have partnered to create a joint platform with a total investment of up to Rs 750 crores to promote the development of close to 12,000 high-quality housing units across four to six green housing projects within the Mumbai Metropolitan Region (MMR). This partnership shall be centered around the development of large-scale housing projects to cater to the mid-income demographic as Sunteck has a strong focus on this population segment.
Business Development & Launches
In the recent past, the company has successfully launched two (2) large projects - Sunteck Beach Residences at Vasai West and Sunteck Sky Park at Mira Road. Both projects have received an overwhelmingly positive response from the customers, reflecting a strong demand for the company’s product offerings. After these launches, Sunteck now has five (5) large ongoing projects – Signature & Signia at BKC, Sunteck City at ODC, Goregaon West, Sunteck World at Naigaon, SBR at Vasai West and Sunteck Sky Park at Mira Road as growth engines which will continue to deliver strong cash flows and profit margins.
Going forward, the company is planning to launch two (2) new large projects – first one in eastern suburbs at Kalyan and the second one in South Mumbai at Nepean Sea Road. These 7 growth engines continue to yield strong operating cash flow surplus going forward with a total GDV of Rs 30,000 crore (US$ 3.7 bn).
