Mumbai, Jan 31 (PTI) City-based real estate player Sunteck Realty has acquired close to 100 acres land under asset light joint development model in the Mumbai region for affordable housing and eyes Rs 5,500 crore revenue from it over the next five years.
"This project marks our entry into the affordable housing segment and we will be developing it under a separate brand to differentiate it from the rest of our projects," chairman Kamal Khetan told PTI today.
Sunteck has acquired nearly 100 acre from a group of high networth individuals in Naigaon in the Mumbai metropolitan region for Rs 50 crore.
"The objective to acquire the land under the asset light joint developmental model is that the project can be made more affordable for customers as buying the land upfront would have cost around Rs 1000 crore," he said.
He further said the project will be developed in three phases with a total saleable potential of 10 million sqft.
"This will be a township development having all types of facilities along with affordable housing. It will take nearly five to six years to complete the project and we hope to generate revenues close to Rs 5500 crore over the period," he said.
The work on the project is likely to commence in the next two quarters, he said.
Asked whether the company would look at developing more affordable housing projects, he said, "we have entered the segment and we see a huge scope here. We have carved out a separate business vertical to cater to the affordable housing sector. Over the period, we would like to add three to four more projects under the brand."
Sunteck currently has a development portfolio of about 23 million sqft spread across 25 projects, with presence in residential and commercial segments. PTI PSK BEN BEN