Sunteck Realty Limited announces Operational Update for Q3FY21
Sunteck Realty Limited, Mumbai’s premium real estate developer, announced its Q3 and 9M FY20-21 operational updates.
|Operational Data||Q3FY21||Q2FY21||QoQ %||Q3FY20||YoY %||9MFY21||9MFY20||YoY %|
|Pre-sales (new bookings)||349||200||75%||325||7%||650||613||6%|
SRL saw a robust growth in Pre-sales for Q3 FY21 at Rs 349 crore; it was up by 75% QoQ and by 7% YoY as well. Collections also grew at 79% QoQ to Rs 252 crore for Q3 FY21 and by 52% YoY.
As the operations resume post lockdown, the Company has continued its strong sales momentum, supported by its ready-to-move-in, nearing-ready inventory as well as newly launched projects. With the construction activity returning to pre-COVID levels, the Company remains focused on accelerating the project progress across the portfolio to offset the time lost on account of the ongoing pandemic. SRL recently launched the second tower at SunteckCity 4th Avenue, ODC and received a tremendous response due to its esteemed brand lineage, differentiated product offering in the micro markets and commitment for the superior customer experience.
Commenting on the Q3 FY21 performance, Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said: “Our customer-first approach has underpinned our continued strong performance. Our superior product offering coupled with strong customer servicing through out the life-cycle of our patrons has won us the brand loyalty we command in the market today. A combination of favorable factors such as the reduced stamp duty and low interest rates is expediting the home-purchase decision. We are observing a trend of increased demand and renewed buyer interest for high quality products, especially those with strong balance sheet and high brand recall. With project execution ramping up, the collections across our projects has been sequentially growing and we remain confident to maintain this strong trend.”
“Given the current socio-economic market dynamics, our continued focus on prudent cash flow management along with low debt ratios and financial flexibility have ensured our balance sheet strength on a sustained basis. We continue to focus on delivery driven by our strong in-house construction capabilities, which in turn will continue to generate sustained cash flows for us. The availability of inventory across our brands and pricing spectrum creates flexibility to offer projects based on needs of various customer segments. We believe, home buyers will continue to look for credible projects of reputed and financially strong real estate developers, as the pedigree of a trusted brand drives the preference for a new home buyer” he added.
About Sunteck Realty
Sunteck Realty Limited (SRL) is one of the fastest growing Mumbai-based luxury real estate development companies. SRL has an immaculate track record of having one of the lowest net Debt/Equity ratios, financial prudency and sustainable growth. The company focuses on a city centric development portfolio of about 38 million square feet spread across 27 projects. Sunteck Realty has differentiated its projects under five brands – ‘Signature’: Uber luxury residences, ‘Signia’: Ultra luxury residences, ‘Sunteck City’: Premium luxury residences, ‘Sunteck World’: Aspirational luxury residences, ‘Sunteck’: Commercial & Retail developments. The company has been a trendsetter in creating iconic destinations such as the flagship project, Signature Island at Bandra Kurla Complex (BKC), Sunteck City in Oshiwara District Centre (ODC), Goregaon and SunteckWorld at Naigaon – the largest township of MMR’s western Suburbs.
Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. Sunteck Realty Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.