In a regulatory filing, the Mumbai-based developer informed that customer collections rose 47% to Rs 207 crore in the second quarter of this fiscal year, from Rs 141 crore in the corresponding period of the year. former.
“In the second quarter of fiscal 2022, the company continued its strong operational momentum achieved in the first quarter of fiscal 2022. Presales and collections experienced robust growth as well as high collection efficiency,” said Sunteck.
The company’s focus on executing its existing portfolio, complemented by strong internal development capabilities, has helped maintain the sustained growth in cash flow, he added.
With projects across the price spectrum in the Mumbai metropolitan area, the company said it was confident to maintain robust presales growth driven by new launches as well as move-in inventory.
In the second quarter of fiscal 2022, the company announced a joint development plan with Amar Dye Chem Ltd in Shahad (Kalyan).
The 50-acre project with a potential development of around 10 million square feet is expected to generate revenue of around Rs 9,000 crore over the next 7-8 years, the company said.
This will further strengthen the company’s cash flow and balance sheet.
In the past 18 months, Sunteck said it has completed four project acquisitions in Vasai, Vasind, Borivali and Shahad (Kalyan), adding around 18 million squares to its portfolio of projects.
“Going forward, the company expects to leverage its branded franchise and management expertise to continue to assess new growth opportunities and thereby increase its overall market share,” the file said.
Sunteck Realty is focused on a city-centric development portfolio of approximately 38 million square feet spread across 19 projects.