FCC

Sunteck Realty to Lead Rs 11 Bn Redevelopment in Andheri East

2025-05-31

Sunteck Realty has been appointed as the developer for the redevelopment of a housing society located in Mumbai’s Andheri (East). The project carries an estimated gross development value (GDV) of Rs 11 billion.

Spanning approximately 2.5 acre (10,290 square metre), the land is strategically situated near the Western Express Highway. According to the company’s stock exchange filing on May 29, the project is expected to offer around 2.75 lakh square feet of free sale area—referring to the portion of the development available for sale in the open market after fulfilling the housing requirements of existing tenants.

The redevelopment will be executed through Sunteck’s wholly owned subsidiary and is expected to be completed within three to four years from the start of construction to the handover to the society.

Sunteck Realty stated that the entire project would be financed through internal accruals. As of FY25, the company reported a net debt-to-equity ratio of -0.04x, indicating a net cash surplus of Rs 1.25 billion.

Andheri (East) remains a key residential and commercial hub in Mumbai. During the first quarter of calendar year 2025 (Q1 CY25), the area recorded 290 new sale transactions amounting to a gross sales value of Rs 4.51 billion, as per data from Square Yards Data Intelligence.

The average property rate in the locality stood at approximately Rs 35,163 per sq ft in Q1 CY25, showing a slight dip from Rs 35,374 per sq ft in Q1 CY24. Meanwhile, rental rates hovered around Rs 77.9 per sq ft.

Earlier, in Q4 FY25, Sunteck Realty reported its highest-ever pre-sales of Rs 8.70 billion, marking a 28.32 per cent year-on-year increase. Collections during the same period rose to Rs 3.10 billion, compared to Rs 2.96 billion in Q4 FY24.