IFC and Sunteck Realty have forged a collaboration to establish a joint platform, with a combined investment of up to Rs 7,500 million (USD90 million), aimed at promoting the construction of approximately 12,000 high-quality residential units within the Mumbai Metropolitan Region (MMR) in Maharashtra. IFC plans to invest up to Rs 3,300 million (USD 40 million), while Sunteck Realty will contribute the remaining funds.
The MMR, home to over 22 million people, represents India’s largest and most dynamic housing market, grappling with a significant housing shortage. In this context, the IFC-Sunteck Partnership will focus on the development of large-scale housing projects in the suburban areas of Mumbai to cater to the middle-income demographic. Sunteck Realty, with a diverse market presence, is strongly aligned with this target population segment.
"We are pleased to collaborate with IFC in our shared goal of addressing the housing shortage in India,” said Kamal Khetan, CMD of Sunteck Realty.
“Our wide range of offerings provides high-quality amenities and enhanced lifestyles for all segments of the population. This strategic partnership demonstrates our capability to develop high-quality large-scale housing projects in the MMR and aligns with our vision of sustainable and green housing solutions," he further added.
"This investment aligns with our strategy to create more inclusive and equitable cities by backing affordable and eco-friendly housing through partnerships with reputed companies like Sunteck Realty,” said Wendy Werner, IFC Country Head, India.
Sunteck Realty Limited, headquartered in Mumbai, specializes in the construction of upscale residential and commercial real estate projects within the Mumbai Metropolitan Region (MMR). The company has a market cap of Rs 6,350 crore and has been maintaining a healthy dividend payout of 543%
On Friday, shares of the Sunteck Realty plunged 0.3% to Rs 433.6 per share from its previous closing of Rs 434.9 per share. The stock has gained 20% in the past month and over 50% in the past three months.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.