Sunteck Realty's Skystar Buildcon Buys 6-Acre Plot For Rs 150 Cr
Sunteck Realty through its subsidiary Skystar Buildcon Pvt Ltd has bought a 6-acre land in Goregaon, a Mumbai suburb for Rs.150 Cr.
Its also in the process of buying 2 acres more adjoining the property for a single, mixed-development project.
The goregaon property will have two residential towers and a smaller commercial-cum-retail complex and will be called as 'Sunteck City'.
Sunteck is developing nearly 70% of its projects with the Ajay Piramal group through their JV - Piramal Sunteck Realty Pvt Ltd.
Sunteck is looking for more land acquisitions.
Transaction Reference: Livemint
Sunteck Realty was established in 1999 by Mr. Kamal Khetan. It is primarily involved in development of real estate projects in the Mumbai Metropolitan Region.
This year in May, it had bid for the 6.1 acre plot in wadala for Rs.3,465 Cr, which was won by Lodha Developers who offered Rs.4,053 Cr.
Late last year, it raised $34 Mn (Rs.158 Cr) through QIP and raised Rs.105 Cr from Kotak Realty fund for its residential project 'Signia Isles' in Bandra-Kurla Complex (BKC).
In 2008, Piramal Sunteck JV bough two plots of land in BKC from MMRDA at Rs.3.5 lakh per sq.m at Rs.496 Cr wit a four-year staggered payment option.
In the recent past, real estate space has seen some M&A activity. Recently, Brigade Enterprises acquired 99% stake in WTC Trades & Projects Pvt Ltd.
Kalpataru Ltd recently bought 4.5 acres of land from from Schrader Duncan Ltd. for Rs.200 Cr. Wadhwa Group was rumoured to be acquiring a 2.5 acre plot in BKC from RIL. Lodha Constructions bought a 22.5 acre plot from MMRDA for Rs.4,053 crore in Wadala at an auction.
Indiareit Fund is acquiring a majority stake in SoBo Central - erstwhile Crossroads Mall, in Central Mumbai from Future Group for about Rs.600 Cr.
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