Sunteck Realty's pre-sales grew by 75% quarter on quarter (QoQ) and increased 7% year on year (YoY) in Q3 December 2020. Collections grew at 79% QoQ and surged by 52% YoY to Rs 252 crore in Q3 December 2020.

As the operations resume post lockdown, Sunteck Realty said it continued its strong sales momentum, supported by its ready-to-move-in, nearing-ready inventory as well as newly launched projects. With the construction activity returning to pre-COVID levels, the company remains focused on accelerating the project progress across the portfolio to offset the time lost on account of the ongoing pandemic.

Commenting on the Q3 performance, Kamal Khetan, chairman and MD of Sunteck Realty said, a combination of favorable factors such as the reduced stamp duty and low interest rates is expediting the home purchase decision.

Sunteck Realty is one of the fastest growing Mumbai-based luxury real estate development companies. The company focuses on a city centric development portfolio of about 38 million square feet spread across 27 projects.

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Net profit of Sunteck Realty declined 47.58% to Rs 13.88 crore in the quarter ended September 2020 as against Rs 26.48 crore during the previous quarter ended September 2019. Sales rose 8.41% to Rs 142.75 crore in the quarter ended September 2020 as against Rs 131.67 crore during the previous quarter ended September 2019.

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Sunteck Realty will hold a meeting of the Board of Directors of the Company on 13 November 2020.

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Sunteck Realty has announced that its long-term rating of 'AA-/Stable' and short-term rating of 'A1+' have been affirmed by the leading rating agency, ICRA.

The rating derives strength from the healthy track record of the company in real estate developmentin the Mumbai Metropolitan Region (MMR), good diversification in business profile from luxury tomid-income and affordable segments and a comfortable committed cash flow position. The adoptionof an asset light model for land acquisition through joint development agreements (JDAs) allows thecompany to maintain optimum leverage levels, according to the ICRA.

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