Mumbai-based real estate company Sunteck Realty , which caters to ultra luxury & luxury residential segment, is planning to launch four new projects in areas like Borivali, Andheri, BKC and Navi Mumbai, this quarter.
Speaking to CNBC-TV18, Kamal Khetan, CMD of Sunteck Realty, said the new launches have revenue potential of Rs 1000 crore over 3 years. The company has achieved 10-20 percent pre-sales of two projects, he added.
Meanwhile, it is learnt that private equity investor Ashish Dhawan (founder & CEO) has bought a little over 1 percent stake in the company. Dhawan has made the purchase in his individual capacity and not in ChrysCapital's account.
Below is the transcript of Kamal Khetan's interview with Reema Tendulkar and Ekta Batra on CNBC-TV18.
Ekta: We do understand that you are looking or are ready to launch four new projects in Mumbai this quarter itself. Can you take us through what these projects are, have you done any sort of presales in it already, where do they stand?
A: These four projects that we are launching is one is Signia High in Borivali, which is close to 3,50,000 sq ft. Another one is Signia Orion which is in Navi Mumbai that is close to 3 lakh sq ft and then we have one commercial project which is coming up in Bandra-Kurla Complex (BKC) Annexe, which is close to one lakh sq ft and the fourth project that we are planning to launch is in Andheri-Kurla road which is called Signia Pride which is close to 60,000 sq ft. So all put together, four projects is equivalent to one million sq ft and the revenue that we are expecting from four projects, it is approximately close to Rs 1,000 crore.
Reema: This Rs 1,000 crore of revenue potential will be spread out over how many years and purely in FY16, how much of this Rs 1,000 crore you can generate?
A: Rs 1,000 crore revenue we are looking to complete this project over a period of three years and in FY16 at least we are looking to target to at least sales from this project on the conservative side, 50 percent of the inventory from these projects.
Ekta: You have already launched these projects but do you have anything where you are already generating any sort of sales or completion of sales that you can tell us about, your current projects onstream?
A: These projects we are launching and some of the presale definitely we have done. That is not much that is 10-20 percent of it.
Ekta: 10-20 percent of all four projects or will it be just one project. Can you tell us what the presale is?
A: We have done some presales in two projects that is Signia High and Signia Orion which is in Borivali and Navi Mumbai and we are close to sold the inventory close to 20-25 percent.
Reema: Are the new launches coming in at higher realisations and if yes, by how much compared to a year ago?
A: Definitely the new launches are definitely coming up. The new launches whatever we are doing in this new launch, the rates are definitely going up and we can see that there is an uptick. People are looking at where the track record, definitely there is -- if you see a good track record of a developer and if the developer is lower leveraged then underconstruction sales have started picking up and that is what we are seeing with us as well.
Ekta: How are you funding these four projects, any sort of debt that you are taking on, any partners?
A: We have been following very prudent method. Whenever we require, we take construction finance but we are expecting a lot of cash flow generation from the presales itself. So we don't see much of the debt. If required, we will go for some construction finance from hereon. Overall, there are 11 projects and out of the 11 projects, we have completed five projects and six projects are under construction. When we add these another four projects, so again there will be close to 11 projects. So the revenues that we will see from all total 11 projects, it will be not restricting to these four projects.
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