Sunteck Realty Limited, Mumbai’s premium real estate developer, announced its Q4 and FY21 operational updates.
Q4FY21 Highlights –
- Strong pre-sales witnessed during the quarter.
- Highest-ever collections achieved during the quarter.
- Acquisition of ~7 acre land parcel at Borivali (West), under the asset light JDA model. The residential project in the western suburbs of Mumbai Metropolitan Region (MMR) will have ~1 mn sq ft of development potential.
- Strong cash flows during the quarter resulting in further reduction of negligible debt. Our average cost of borrowing has further come down during the quarter.
FY21 Highlights –
- Highest-ever pre-sales achieved in the mid-income segment driven by residential projects at ODC, Goregaon West – a yoy growth of 77%.
- Strong pre-sales also witnessed in the ready to move in projects across segments.
- Highest-ever collections achieved in a financial year in FY21 at Rs 780 cr.
- Aggressive project acquisition done in FY21 within the industry – 3 new project acquisitions under the asset-light strategy totaling to approx. 8 mn sq ft. at Vasai, Vasind and Borivali. These projects will further strengthen the cash flows and balance sheet of the company.
Commenting on the Q4 and FY21 operational performance, Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said, “Presently, we are witnessing strong consolidation across the industry and we will be one of the biggest beneficiaries of this trend. The industry consolidation has already resulted in 3 new project acquisitions for us at Vasai, Vasind and Borivali in MMR. Going forward, we expect to leverage our brand franchise and management expertise to continue to evaluate new growth opportunities and thereby increasing our overall market share.
During FY21, we have achieved strong pre-sales and highest-ever collections. A key to our strong operational performance is being a dominant developer in each of the micro-markets and housing segments we are operating. Additionally, the focus on our core strength of sales & marketing and in-house construction capabilities will enable us to sustain this strong pre-sales and collections trend going forward.”