sunteck realty: Tata Mutual Fund buys 11 lakh Sunteck Realty shares

sunteck realty: Tata Mutual Fund buys 11 lakh Sunteck Realty shares


Tata Mutual Fund has bought 11 lakh shares of property developer at Rs 465.12 per share through a bulk deal on the NSE.

The deal with a total value of Rs 51.16 crore was executed on Wednesday. The asset management company has bought these shares through one of its funds, Tata Money Market Fund.

Earlier this month, Sunteck Realty entered into an agreement to jointly develop a prime 50-acre land parcel at Kalyan near Mumbai. The company plans to develop an integrated residential township on the plot that has a total development potential of 10 million sq ft.

This is the fourth such project acquisition by Sunteck Realty since the outbreak of Covid19 pandemic. Prior to this Kalyan project, the company has made three project acquisitions at Vasai, Vasind and Borivali, totalling 8 million sq ft. With this project’s development potential of 10 million sq ft, the company has added a total 18 million sq ft to its portfolio in the last few quarters.

The ongoing consolidation in the real estate sector has accelerated due to the outbreak of Covid19 pandemic. Large established and listed realty developers are gaining more market share in terms of sales and liquidity as homebuyers are relying more on developers’ execution track record and sound financial position to take the project to conclusion.



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