Sunteck Realty eyes entry into retail commercial segment
Oct 18, 2012
Source : The Economic Times

 

MUMBAI: Sunteck Realty BSE -0.30 % is now looking at entering the retail commercial segment, after establishing a stronghold in the high-end residential and commercial space.
 
To begin with, the company is planning to set up a mini-mall in one of its upcoming integrated townships in Goregaon in northern suburbs of the city.
 
The township will be developed on a 23-acre plot in two phases, which will have a mixed development of high-end luxury residential and commercial and retail spaces.
 
"Along with residential and commercial, we are planning to develop a retail commercial space. Our aim is to provide the convenience of walk-to-work for our customers and also improve their lifestyle," Sunteck Realty Chairman and Managing Director Kamal Khetan said.
 
"We will definitely look at more opportunities in the retail space. If there is a demand and right kind of opportunity, we will go ahead even with standalone projects like malls," he further said.
 
The project will be developed in two phases, with the first phase having three residential towers on a 7-acre space. The second phase will see development of residential, commercial and retail towers on 16 acres.
 
Currently, the BSE-listed company has over 36 million square feet of city-centric developments, primarily in Mumbai across 26 projects and also four rented assets in its portfolio.
 
Of these developments, over 80 per cent are into premium luxury residential segment and remaining into commercial segment. 

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