Shares of Sunteck Realty jumped over 7% on October 15 following a robust Q2FY25 update, reporting Rs 520 crore in pre-sales, a 33% increase year-on-year driven by ongoing demand in the Mumbai Metropolitan Region (MMR). The company’s collections for the quarter also rose 25% YoY to Rs 270 crore.
The developer has announced seven new projects spanning 26.5 million square feet across Mumbai and Dubai in total. Analysts said the launch of new projects in the near term remains imperative for sustaining sales growth- especially Naigaon, Mira Road, and Vasai projects- combined gross development value of approximately Rs 5,000 crore.
The stock was trading 7.5% higher at Rs 596.15 on the NSE at 9:45 am. So far in 2024, Sunteck Realty’s shares have climbed 33%, outpacing the rise of 15% in the benchmark Nifty. In the last one year, the performance of the stock is up about 26% per cent.
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