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Sunteck Realty Q2 sales bookings jump 36% to Rs 272 cr

03:20 PM Oct 11, 2021 | PTI

Real estate firm, Sunteck Realty on Monday reported a 36 per cent year-on-year rise in its sales bookings at Rs 272 crore for the quarter ended September on better housing demand.

Its sales bookings stood at Rs 200 crore in the year-ago period.

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In a regulatory filing, the Mumbai-based developer informed that collections from customers rose 47 per cent to Rs 207 crore in the second quarter of this fiscal year as against Rs 141 crore in the corresponding period of the previous year.

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"In the second quarter of FY2022, the company has continued its robust operational momentum achieved in the first quarter of FY2022. Both pre-sales and collections witnessed sturdy growth along with high collections efficiency," Sunteck said.

The company's focus on execution of its existing portfolio complemented by strong in-house development capabilities has been an enabler in maintaining the sustained growth in cash flows, it added.

With projects across the pricing spectrum in Mumbai Metropolitan Region, the company said it is confident to maintain the sturdy growth in pre-sales driven by new launches as well as ready-to-move-in inventory.

In the second quarter of FY2022, the company announced a joint development plan with Amar Dye Chem Ltd at Shahad (Kalyan).

The 50-acre project with a potential development of about 10 million sq ft is expected to generate a top line of around Rs 9,000 crore over the next 7-8 years, the company said.

This will further strengthen the cash flow and the balance sheet of the company.

In the last 18 months, Sunteck said it has done four project acquisitions at Vasai, Vasind, Borivali and Shahad (Kalyan) adding about 18 million square to its project portfolio.

"Going forward, the company expects to leverage its brand franchise and management expertise to continue to evaluate new growth opportunities and thereby increasing overall market share," the filing said.

Sunteck Realty focuses on a city-centric development portfolio of about 38 million square feet spread across 19 projects.

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