Sunteck Realty records 29% jump in Q3 pre-sales at Rs 352 crore

Real estate major Sunteck Realty has reported a 29% sequential jump in pre-sales worth Rs 352 crore for the quarter ended September. The listed company has reported 23% on-year growth in nine months’ pre-sales at Rs 800 crore.
Collections rose 30% during the quarter to Rs 270 crore and grew 41% to Rs 649 crore for the nine months ended December, the company said in a regulatory filing.

Additionally, collections efficiency for the last three quarters stood at 81%, up from 71% during the year ago period.

In terms of business development, the company has acquired around 23 million sq ft of development potential across five projects in the last 18 months. The company has acquired these projects in Vasai west, Vasind, Borivali west, Kalyan (Shahad) and Pen-Khopoli totalling an estimated gross development value of around Rs 20,000 crore.

Driven by these new acquisitions, the company is working on a slew of project launches both in the premium and aspirational residential segments in the forthcoming quarters. The developer expects these launches to drive continued growth momentum in the pre-sales of the company and thereby grow its market share.