Sunteck Realty shares zoom nearly 9%: Firm to launch ₹20,000 crore worth of ultra-luxury homes in Mumbai, Dubai

Sunteck Realty will develop these ultra-luxury housing projects under a by-invite-only real estate lifestyle brand, 'Emaance'.

However, the stock trimmed its early gains, and when last seen, it was trading at ₹423.90, up 3.5% on the NSE.

"We are entering into the ultra-luxury residential segment under a new brand, Emaance, derived from the fusion of two words, 'immense' and 'indulgence', where each apartment cost will not be less than Rs 100 crore," Sunteck Realty CMD Kamal Khetan told PTI.

The cost of the apartment will be as high as ₹500 crore, the CMD added.

To begin with, Khetan said the company plans to launch two high-rise ultra-luxury housing projects at Nepean Sea Road, Mumbai, and Dubai Downtown, near the Burj Khalifa Community.

This will be the company's first project outside India.

"We are targeting to launch these two projects by June next year," Khetan said, adding that the gross development value of these two proposed projects would be around ₹20,000 crore.

As the ranks of global billionaires and the ultra-wealthy expand, Sunteck Realty said the appetite for such apartments has risen.

Residences under these two projects would be priced upwards of ₹2.5 lakh per sq. ft, placing them among the most exclusive and expensive in the country.

About Sunteck Realty

Sunteck Realty Limited is engaged in the activities of real estate development of residential and commercial projects. It is engaged in the construction and development of real estate and allied activities. It focuses on a city-centric development portfolio of about 52.5 million square feet spread across 32 projects.

It has differentiated its projects under six brands, including Signature: uber luxury residences; Signia: ultra luxury residences; Sunteck City & Sunteck Park: premium luxury residences; Sunteck Beach Residences: marquee luxury destination; Sunteck World: aspirational luxury residences; and Sunteck: commercial and retail developments.