125 flats in 18 days: Amid slowdown, Sunteck Realty earns 200 cr from Goregaon project
Amid the slowdown in housing sales, Mumbai-based Sunteck Realty on Wednesday said it generated over Rs 200 crore revenue within 18 days of launching its new project in Goregaon.
The real estate development company said it sold 125 apartments out of the 225 units in the first tower of 4th Avenue SunteckCity.
“Sunteck Realty launched 225 apartments in its first tower in 4th Avenue SunteckCity which has received an overwhelming response. It has already sold 125 apartments generating sales worth more than Rs 200 crore in 18 days from the launch day,” the real estate player said in a filing to BSE.
The company said that it sees extremely good sales momentum and is confident of selling approximately 85-90 percent of the apartments opened for sale, generating total sales worth Rs 300-325 crore in a short span of time.
SunteckCity, spanning nearly 23-acres, is a premium luxury development located at Oshiwara District Centre, Goregaon (West). It comprises a mix of retail, residential and commercial units.
The development comes at a time when most major real estate markets in the country are facing a slowdown in sales.
According to a recent PropEquity report, housing sales fell by 9.5 percent during the July-September period across nine major cities, including Mumbai.
The downtrend observed was mainly due to the economic slow down as well as the liquidity crisis in the market, the data analytics firm said in its report.