Sunteck posts strong sales during Q4FY21

Mumbai’s developer Sunteck Realty achieved strong sales and highest-ever collections during the fourth quarter of FY2021.

According to Q4 and FY21 operational updates announced by the company on April 22, strong cash flows during the quarter resulted in further reduction of its negligible debt. The company’s average cost of borrowing has further come down during the quarter, said a press release.

Among the company’s highlights for FY21 are: highest-ever pre-sales in the mid-income segment; strong pre-sales in ready-to-move-in projects across segments and highest-ever collections in a financial year at Rs 780 crore.

Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd, said, “Presently, we are witnessing strong consolidation across the industry and we will be one of the biggest beneficiaries of this trend. The industry consolidation has already resulted in three new project acquisitions for us at Vasai, Vasind and Borivali in MMR.”

Going forward, he said, “we expect to leverage our brand franchise and management expertise to continue to evaluate new growth opportunities and thereby increasing our overall market share.”