SUNTECK REALTY Ltd Q4 PROFIT RISES, DESPITE OVERALL SLOWDOWN OF THE REAL ESTATE MARKET
Sunteck Realty has always been at the forefront in delivering unwavering quality; and has set impeccably high standards which have led to its persistent progression in the Real Estate Industry.
As the Q4 operationL updates were announced on the 15th April 2020, Sunteck Realty saw a substantial growth in its Pre-Sales for Financial Year 2020 at Rs. 1,221 Cr. on a quarter on quarter basis, Pre-Sales rose to 87% in Q4 FY2020 from Rs. 325 Cr posted in Q3 2019, while collections grew at 6 per cent in Q4 2020 from Rs. 166 Cr posted in Q3 2019.
Overall, presales have grown by 110% Year on year in Quarter 4 of 2020 and Its collections grew by 8 per cent y-o-y for the financial year ended 2020.
Sunteck has been successful in sustaining its strong sales impetus, which has further been uplifted by its new project launches like 4th Avenue SunteckCity, Oshiwara District Centre (ODC), Goregaon (W) and Sunteck MaxXWorld, Naigaon during the financial year, 2019-20. Also, the headway of construction work across projects along with robust Pre-Sales has further led to intensifying the collections.
Speaking on the current economic crisis faced by the country, Mr. Kamal Khetan, Chairman & Managing Director of Sunteck Realty, stated that it is still early to ascertain the impact of this on the real estate industry and that he believes that Sunteck, with its strong brand franchise and presence across the pricing spectrum, from uber-luxury to affordable segment, is well positioned to tackle challenges ahead. He further adds that given their strong balance sheet and low debt levels, complemented by healthy pre-sales in H2FY20, they intend to maintain operational momentum with a continued focus on execution and monetization strategies for their ready-to-move-in inventory. In this tough environment, they strive to remain absolutely committed to the wellbeing of their construction workers as well as employees.
Over and above, Sunteck Realty has been confident so far in their ability to execute their commitments and in a scenario like this, they have certainly paved their way for future progression.