Sunteck Realty, the real-estate developer, has secured a marquee 7 acre land parcel at Borivali (West). The company would develop a luxury residential project in the upmarket residential locality. JLL India was the exclusive transaction partner for the JV.

Acquired under the asset light JDA model the residential project in the western suburbs of the city is spread across 7 acres and will have approximately 1 million sq. ft of development potential. It is expected to generate a project top line of around Rs 17.50 billion over the next 4-5 years further strengthening the cash flow and the balance sheet of the company. The project is likely to offer unobstructed views of the mangroves of Borivali and Gorai right up till the Global Vipassana Pagoda and beyond.

"We are pleased to have entered this joint venture. Given the land parcel is overlooking the sea,this development shall provide an opportunity to curate a unique and world class residential product consistent with the Sunteck brand. We shall bring in our best-in-class construction and development capabilities of luxury living. Our endeavor is to create a landmark development in this micro-market," said Kamal Khetan, Chairman, Sunteck Realty. 

"Mumbai western suburbs continue to remain one of the most dominant and active end user residential markets in the country. Historically low home loan rates along with government incentives as well as rationalisation of prices by real estate developers has led to healthy ready inventory absorption in the past few quarters. As such, we feel the trend to percolate to newer launches and under-construction projects as well. Stronger brands should continue to observe aggressive sales going ahead," said Nishant Kabra, Senior Director & Head - Land and Development Services (West India), JLL India.

Shares of the company gained Rs 2.5, or 0.9%, to settle  at  Rs 281.40.  The total volume of shares traded  was  96,512 at  the BSE (Thursday).