Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
Sunteck Realty's performance in Q2 FY24 demonstrates a remarkable 17.2% year-on-year growth in pre-sales, reaching approximately Rs 395 crore, while maintaining steady collections at around Rs 214 crore. The H1 FY24 pre-sales exhibit a robust 16.7% year-on-year increase, totalling Rs 782 crore, surpassing the Rs 670 crore recorded in H1 FY23. The company's collections for the first half of the fiscal year stood strong at approximately Rs 502 crore.
Notably, during Q2 FY24, Sunteck Realty collaborated with the International Finance Corporation (IFC) to develop a joint platform with a substantial investment of up to Rs 750 crores. This strategic partnership aims to develop nearly 12,000 high-quality housing units spread across four to six green housing projects within the Mumbai Metropolitan Region (MMR).
Sunteck Realty's current portfolio includes five ongoing projects, and the company has ambitious plans to launch two new projects. These upcoming ventures are anticipated to generate an operating cash flow surplus and contribute to a total Gross Development Value (GDV) of about Rs 30,000 crores (equivalent to US$ 3.7 billion).
In a separate development, Sunteck Realty recently announced its exceptional achievement of scoring 95 points in the GRESB (Global Real Estate Sustainability Benchmark) Assessment, earning a prestigious 5-star rating. The GRESB 5-Star rating is a distinction reserved for the top 20% of benchmark participants, showcasing Sunteck Realty as a leading performer among its peers.
Sunteck Realty’s GRESB score reflects its progress in the three key ESG dimensions – Environmental, Social, and Governance. This progress includes enhanced management of energy, water, and materials for its projects, a range of engagement initiatives with stakeholders, and the implementation of effective policies.
In the past year, Sunteck has aligned itself with the criteria set forth by Excellence in Design for Greater Efficiencies (EDGE), an initiative of the International Finance Corporation (IFC), a part of the World Bank Group. This recognition reaffirms the company’s dedication to sustainability and the adoption of eco-friendly building practice.
In conclusion, Sunteck Realty's commendable performance in Q2 FY24, coupled with strategic collaborations and ambitious project launches, signifies a positive outlook for the company. Sunteck’s ESG journey has achieved a significant milestone, reinforcing its determination to create a sustainable and inclusive future for all our stakeholders moving forward. As the real estate industry undergoes transformations, Sunteck Realty's emphasis on quality projects, sustainability and strategic partnerships positions it favourably in a competitive landscape, especially in the dynamic MMR.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
