Sunteck Realty - All Eyes On Vasind Launch: ICICI Securities
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ICICI Securities Report
Sunteck Realty Ltd. has launched phase one of its affordable housing project in Vasind, located in Mumbai Metropolitan Region’s extended eastern suburbs.
The project which was acquired under the asset light joint development agreement model in FY21 has a total saleable area of 2.6 million square feet in which Sunteck Realty has 80% revenue share.
We estimate revenue of Rs 2.7 billion for Phase one of the project (1,000 units launched) and the overall project to have revenue potential of Rs 12-13 billion with pre-tax operating surplus of over Rs 5.0 billion and net asset value accretion of Rs 2.8 billion (Rs 20/share).
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