Business Wire India
Sunteck Realty Limited, a Mumbai-based premium luxury real estate developer, has reduced its net debt to zero by gaining a cash flow surplus that will be utilised to further accelerate business operations.
A recent sale of 60 lakh shares (4.10%) of Sunteck Realty Limited by its wholly owned subsidiaries Satguru Infocorp Services Private Limited and Starlight Systems Private Limited have generated a substantial cash flow which shall be retained & consolidated with Sunteck Realty Limited, leading to nullifying the net debt and generating positive cash flow in the company.
Sunteck Realty now has 6 large projects as growth engines with the recently launched Kalyan project ‘Sunteck Crescent Park’, which also marks the entry of Sunteck in the Eastern Suburbs of the Mumbai Metropolitan Region (MMR). Furthermore, Sunteck Realty project Sunteck Maxx World is nearing completion leading to a significant revenue of Rs. 750 crores to Rs. 850 crores, which will be recognised by the end of Financial Year 2024.