NEW DELHI: Sunteck Realty Ltd is venturing into the ultra-luxury housing market to address increasing demand. The company plans to unveil two new projects in Mumbai and Dubai by June next year, aiming for an estimated revenue of ₹20,000 crore.
Sunteck Realty will launch these ultra-luxury residences under its exclusive brand ‘Emaance’, a blend of ‘Immense’ and ‘Indulgence’.
“We are entering the ultra-luxury residential segment under Emaance, with costs starting at ₹100 crore per apartment,” said Kamal Khetan, CMD of Sunteck Realty, in an interview with PTI. The price of some units could reach as high as ₹500 crore.
Initially, Khetan revealed plans for two high-rise projects: one on Nepeansea Road in Mumbai and another in Dubai’s Downtown, near the Burj Khalifa community. This marks the company’s first project outside India.
“We are targeting a launch date by June next year,” Khetan added, estimating the gross development value for these projects at around ₹20,000 crore. With an expanding population of billionaires and the ultra-wealthy, interest in such high-end apartments is growing.
The residences will be priced at over ₹2.5 lakh per sq. ft, positioning them among the most exclusive and expensive in India.
Sunteck Realty Ltd is a prominent real estate developer in the country, boasting a development portfolio of approximately 52.5 million square feet across 32 projects.
In its latest earnings report, the company revealed a 47% increase in consolidated net profit, totaling ₹33.43 crore for the first quarter of this fiscal year, up from ₹22.78 crore in the same period last year. However, total income decreased to ₹201.53 crore for the April-June quarter, down from ₹328.01 crore in the previous year.
