Sunteck Realty's Exclusive Ultra-Luxury Ventures

Sunteck Realty Ltd is set to diversify into the ultra-luxury housing market, catering to the growing demand among billionaires and high-net-worth individuals. The real estate developer plans to launch two high-profile projects in Mumbai and Dubai by June next year, with potential revenues expected to touch Rs 20,000 crore. The new projects will be marketed under 'Emaance,' a brand exclusive to invite-only clients.

'Emaance,' a name symbolizing the fusion of 'Immense' and 'Indulgence,' will offer apartments priced between Rs 100 crore and Rs 500 crore. The projects are located at Nepeansea Road in Mumbai and near Dubai's Burj Khalifa Community. This marks Sunteck Realty's first international project, emphasizing the company's strategic expansion outside India.

While Sunteck Realty reported a rise in net profit by 47 percent to Rs 33.43 crore in the latest quarter, their total income saw a decline. Nevertheless, the company remains optimistic about its foray into ultra-luxury housing, banking on the burgeoning wealth sector to drive sales.

(With inputs from agencies.)