Sunteck Realty Limited - Operational update for Q2 FY20-21

Sunteck Realty Limited (SRL), Mumbai's premium real estate developer, has announced its Q2 FY20-21 operational updates.

Key Highlights:

- Pre-sales grows by 98% Q-o-Q in Q2 FY21
- Collections up by 117% Q-o-Q in Q2 FY21
- High buyer interest for Signia High, Borivali & 1st Avenue, Sunteck City, Oshiwara District Centre, Goregaon (W)

SRL saw a substantial growth in Pre-sales for Q2 FY21 at Rs 200 crore; it was up by 98% Q-o-Q and by 96% Y-o-Y as well. Collections also grew at 117% Q-o-Q to Rs 141 crore for FY21;

Following the resumption of operations post the lockdown in Mumbai, the Company has continued its strong sales momentum, supported by its digital platform, SunteckAer as well as various other marketing initiatives for the ready-to-move-in and nearing-ready inventory. With the construction activity inching towards preCOVID levels, the Company remains focused on accelerating the progress across the portfolio to offset the time lost on account of the ongoing pandemic.

Commenting on the same, Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said, "Certainly, the momentum has picked up. A combination of favorable factors such as the reduced stamp duty and low interest rates is expediting the decision time cycle for prospective customers. We are observing a trend of enhanced interest and increased demand for some of our ready-to-move-in projects such as Signia High, Borivali, and 1st Avenue, Sunteck City, Oshiwara District Centre, Goregaon (W). By and large, there is a renewed interest for high quality products offered by large organized developers, especially those with strong balance sheet and high brand recall."

"While our strong pre-sales in FY2020 would ensure higher collections in FY21, now, with the home loans getting disbursed again, we are confident that our collections will grow much stronger from hereon," he added.

Shares of SUNTECK REALTY LTD. was last trading in BSE at Rs.261.9 as compared to the previous close of Rs. 261.1. The total number of shares traded during the day was 18177 in over 627 trades.

The stock hit an intraday high of Rs. 265 and intraday low of 260.5. The net turnover during the day was Rs. 4777578.

Source : Equity Bulls

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