Mumbai: Real estate player Sunteck Realty plans to spend around Rs 5,400 crore by 2020 to develop eight million sq ft of commercial and residential property.
"We will be spending Rs 5,400 crore over the next seven-eight years to develop 18 million sq ft worth projects, mostly across the metropolis," Sunteck Realty's Vice-President for finance Sumesh Mishra said here.
The firm is currently developing 27 projects of around 35 million sq ft, of this 18 million sq ft are exclusively developed by Sunteck, while the rest are under partnerships, he said.
"Of 27 projects, 13 are being implemented by Piramal Sunteck Realty, a 50:50 joint venture between the Ajay Piramal Group and Sunteck. The rest are being developed by us," he said, adding the company has spent Rs 2,000 crore for acquiring 35 million sq ft land.
"There is a demand in the luxury space. We see a huge potential for our business to grow in this scenario.
Therefore, over the next seven-eight years, we expect to generate nearly Rs 20,000 crore from our 18 million sq ft development."
The company will be completing five projects, including commercial and residential of around 2.5 million sq ft worth Rs 500 crore in this calendar year, he said.
Of these, two are commercial properties coming up in Goa and suburban Andheri in Mumbai. The rest are luxury residential in Navi Mumbai (Signia Oceans), Nagpur (Signia Sky) and Bandra-Kurla Complex (Signature Island).
Meanwhile, Sunteck, along with luxury mobile phone maker Vertu, has launched concierge services for the residents of Signature Island.
Under the pact, Vertu Signature and Constellation handsets will be provided in each apartment that will enable the residents to experience exclusive lifestyle without having to actually arrange themselves, Mishra said.
PTI
First Published: Wednesday, March 28, 2012, 12:22