The luxury developer said the project has potential for development of approximately 1.1 million square feet in saleable area.
Shares of Sunteck Realty rallied 3.7 percent intraday on September 18 after the company acquired a premium project in Mumbai.
The stock surged nearly 30 percent in the last nine months. It was quoting at Rs 453.70, up Rs 13.50, or 3.07 percent on the BSE at 1101 hours.
The luxury developer said it acquired a prime project near Mumbai's Lokhandwala, Andheri (West) with the potential for development of approximately 1.1 million square feet in saleable area and a revenue of over Rs 2,500 crore in the next 4-5 years.
The project is acquired under the asset light Joint Development Agreement (JDA) model focused on establishing a strategic tie-up with credible partners, which will further strengthen the cash flow and balance sheet of the company, it added.
