Commenting on the Q3 FY2018 performance, Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said: “Sunteck has delivered a robust financial performance during this third quarter of FY2018. The improvement in market sentiments with a traction for our BKC projects has led not only to strong growth but also notable improvement in margins. This gives a glimpse of the cash flow potential that our BKC inventory can release.
Our project in Oshiwara District Centre (ODC), Sunteck City continues to see significant improvement in infrastructure and this zone is poised to create huge value for its stakeholders, just like BKC. We are gearing up to launch for sale of new inventory in the coming quarters. In addition, we also commenced construction of two projects – Sunteck Icon at BKC junction and Gilbert Hill at Andheri (W).
Sunteck capitalizes on it strong brand by acquiring a project in the aspirational segment, under the asset light JDA model. The project has a potential development of 100 acres in Mumbai Metropolitan Region (MMR). Through this project, Sunteck will break the conventional path by giving the experience of luxury in aspirational homes with a new brand under a completely new division. Through this project we have diversified our business across the pricing spectrum, from uber-luxury to affordable and at the same time being true to defining luxury living for all. This further augments our credibility and strengthens the cash flow visibility & stability of the company.
Furthermore, our balance sheet strength gives us an edge to look at a lot of distressed opportunities in the market. We are excited about the times ahead as the once fragmented real estate sector in India undergoes consolidation which should help organized developers like us to gain significant market share, while maintaining attractive returns profile.”