Sunteck Realty has entered into a joint venture with JLL India to develop seven acres land parcel at Borivali (West), Mumbai, the company said in a media release.
JLL India was the exclusive transaction partner for the joint venture. Acquired under the asset light JDA model the residential project has a development potential of approximately 1 million sq ft.
The company expects to generate a project top line of around Rs 1,750 crore over the next 4-5 years.
It had reported a 15 per cent decline in its net consolidated profit during the third quarter of FY21. Its profit after tax (PAT) stood at Rs 22.14 crore in Q3 FY21 as against Rs 26.13 crore it recorded in the corresponding quarter previous fiscal.
The company’s net consolidated income was Rs 208.66 crore in Q3 FY21, a growth of 18 per cent from Rs 176.67 crore it registered in the similar quarter previous fiscal.