Sunteck Realty's Shahad Project - Another Feather In The Cap: ICICI Securities
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ICICI Securities Report
Sunteck Realty Ltd. has announced a new residential project acquisition of 10 million square feet in Shahad, located in Mumbai Metropolitan Region’s extended eastern suburbs.
The project has been acquired under the asset light Joint Development Agreement model in which Sunteck Realty may have 75-80% revenue share.
Assuming development over FY24-35E, we estimate gross revenue of Rs 91.2 billion with pre-tax operating surplus of Rs 26.6 billion and net asset value accretion of Rs 14.4 billion.
The company has now added four new projects since March 2020 with the three earlier projects in Vasai/Vasind/Borivali adding eight million square feet of saleable area.
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