Sunteck Realty has acquired a 16-acre plot for Rs 300 crore at the northern suburb of Goregaon in Mumbai.
Kotak Realty (private equity firm) has funded the project to the extent of Rs 150 crore. The balance has been paid through internal accruals, Sunteck Realty Chairman and Managing Director Kamal Khetan told a leading news agency.
Prior to the acquisition, the company had seven acre in the area and its land bank in Goregaon has increased to 23 acre after the acquisition. Goregaon has emerged as the next most valuable destination for the company with 23 acre involving two projects, which would involve roughly 5-6 million sq ft of developable area, he added.