Even though realty sales have come to a standstill, realty developers have not yet given up on buying the land parcel which has caught their attention.
The Mumbai based Kamal Khetan, promoted Sunteck Realty, has acquired a 15 acre industrial land parcel near Inrobit mall at Goregaon for Rs 400-440 crore, said sources privy to the deal.
A senior official who was part of the transaction, said, “International property consultants Jones Lang LaSalle India had the mandate to sell off that cluster of industrial gala in Goregaon and they have been looking for a buyer since early 2011. They had shown the parcel to a few developers and finally Sunteck has locked the deal. It will develop high end residential project on the same. They are working out some final intricacies of the deal regarding the usuage area etc.”
When contacted, Sunteck Realty did not wish to comment on the same.
Sources say that a private equity fund will step in and the transaction is divided into two blocks.
Sunteck has partnership with the Ajay Piramal Group which has a jointly floated company called Starlight Construction which is building the high end residences in Bandra Kurla Complex and Sunteck is also backed by real estate focussed private equity fund Kotak Realty Fund which holds 9.5 per cent stake in the company. At the end of March 2011, the company’s debt to equity was 0.4x.
An analyst tracking the company in condition of anonymity, said, “ It is a fairly good deal for Sunteck keeping in mind that residential apartments are selling around Rs 8000-11000 per sft in that area. It will probably have an asset build up area of close to 3-4 million sft which is a good proposition for the developer. Also with the funds flowing in from the partnerships it is a good deal to bag in this market.”
In July 2010, Sunteck had acquired a 7 acre land parcel in SV Road in Goregaon for Rs 124 crore under its parent company from a joint family after negotiating for a year. Sunteck was planning to launch a luxury residential project on the same and had planned to launch the project in the range of Rs 10, 000- 11, 000 per sft.
In the end of the last quarter, the promoters have increased their shareholding in the company to 70.08 per cent as compared to 66.94 per cent at the end of the June quarter this financial year, a jump of 3.14 per cent.
At the end of the day Sunteck Realty’s shares closed at Rs 257. 30 per share, a fall of 16.46 per cent on the Bombay Stock Exchange.
Note: It was written on Tuesday, January 10.
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