Sunteck Realty, the real-estate developer, today announced its acquisition of a land parcel through a joint development model, to develop a premium commercial project at the junction of Bandra Kurla Complex (BKC). The commercial project with a development potential of approximately 2 lakh sqft is expected to generate revenue to the tune of about Rs 5 billion.

This commercial project consolidates Sunteck Realty's position in BKC where it already has three ultra-premium residential properties and two rented assets. The company is also gearing up to launch another commercial project - Sunteck Centre II, at the BKC-Kalina Junction.

Located at the junction of the Central business district of BKC, the site is easily accessible through western express highway on one hand and the Santacruz-Chembur Link Road on the other and is in close proximity to both, domestic and international airport.

Commenting on the development,  Kamal Khetan, chairman and managing director of Sunteck Realty said, ''We are delighted to announce the acquisition of this new land parcel at the junction of BKC, one of the major CBDs. This consolidates with our footprint at BKC that comprises of 3 ultra-luxury residences and rented assets that have seen robust demand. Apart from outright acquisitions, we at Sunteck have tried to maximize the JV-JDA model for acquisitions that enables us to acquire land parcels at a low cost and come up with premium real estate developments on it. Going forward we will continue to explore opportunities to acquire similar land parcels that will add value to the company.''

The planned premium commercial project would be an addition to company's other commercial project - Sunteck Centre II at Kalina which is at the periphery of BKC. The company expects good demand in the BKC area, as its earlier two commercial projects have been consistently receiving a good response. Sunteck Realty's flagship residential projects the Signature Island, Signia Pearl and Signia Isles in the heart of BKC have been receiving tremendous response so far.

Shares of the company declined Rs 23.55, or 9.99%, to settle at Rs 212.15. The total volume of shares traded was 11,679 at the BSE (Thursday).