Sunteck Realty, the real-estate developer, witnessed a sharp rise in share price on Thursday after it announced Mumbai's premier real-estate company catering to the premium and ultra premium segment in the residential and commercial space is going to launch 4 projects in Borivali, Andheri, Bandra Kurla Complex and Navi Mumbai this quarter.

The total development of about 1 million sq. feet for the proposed projects will translate to a revenue potential of over Rs 10 billion in the next 2-2.5 years.

The company expects good demand in its western surburb based projects on the back of the delivery of its flagship project 'Signature Island' and fast progress at its Avenue I at 'Sunteck City' in Goregaon spread over 23 acres. The Navi Mumbai project will be the company's second launch in the location post the delivery of 'Signia Oceans' which is one of the tallest premium luxurious structures in the area.

Shares of the company gained Rs 16.55, or 6.72%, to trade at Rs 263 at the BSE (12.21 a.m., Thursday).