Realty developer Sunteck Realty has entered into an alliance with Transcon Developers to jointly develop a nearly 7-acre land parcel Off New Link Road close to Lokhandwala Complex in Mumbai’s Andheri suburb.
As per the joint development agreement (JDA) terms, Sunteck Realty and Transcon Developers will be sharing the project’s revenue, estimated to be around Rs 2,500 crore to Rs 3,000 crore based on the ongoing property rates in the vicinity, in 54% and 46% proportion, respectively.
The plot has total development potential of around 1.1 million sq ft and both the developers are planning to build a mixed-use project including three residential towers and some part of this as commercial and retail component.
The entire development is expected to be completed over the next 4-5 years.
While approvals and clearances will be Transcon Developers’ responsibility, Sunteck Realty will handle construction, execution, sales and marketing of the project.
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