Sunteck Realty Q2 pre-sales up 24% to Rs 337 crore, collections rise 60% YoY

Real estate firm Suntech Realty on October 17 announced that it registered pre-sales worth Rs 337 crore in the second quarter of current financial year FY23, 24 per cent higher on a year-on-year (YoY) basis.

In the first half of current fiscal, the company's pre-sales stood at Rs 670 crores, registering a growth of 49 per cent on a YoY basis, the realty firm said in a regulatory filing.

Also Read: Sunteck Realty stock gains as company buys land parcel in Beverly Park

The Mumbai-based luxury real estate developer registered collections of around Rs 331 crore in Q2 FY23, which was up 60 per cent on YoY basis. For the first half of FY23, collections stood at Rs 616 crore- registering a growth of 63 per cent on YoY basis.

The company acquired a posh land parcel of 7.25 acres at Beverly

Park, Mira Road under the joint development agreement (JDA) model. The project is estimated to have development potential of 2.5 million square feet built up area with a revenue potential of around Rs 3,000 crore.

In a recent review, CARE Ratings had given 'CARE AA-/Positive' and short-term rating of 'A1+' to Sunteck Realty's long term and short-term loan facilities.