Realty developer Sunteck Realty has recorded pre-sales bookings worth over Rs 1,602 crore, up 23% for the financial year ended March. Collections for the year also rose 19% to over Rs 1,250 crore.
For the quarter ended March, the developer reported over 36% sequential growth in pre-sales at over Rs 537 crore and 8% increase in collections at over Rs 330 crore.
During the quarter, the company signed an exclusive lease deal with Upgrad for 2 lakh sq ft built-up office space at its commercial project Sunteck BKC51 at BKC Junction in Mumbai. The project is expected to generate a total revenue of around Rs 2,000 crores over the entire lease tenure.
Upgrad will be paying starting rentals of close to Rs 300 per sq ft per month on carpet area basis. The gross total capital value of the project at around 8% capitalisation rate is estimated at over Rs 550 crores.
