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Sunteck Realty’s sales bookings drop 16% in FY21 amid Covid-19 crisis

real estate, houses, properties, construction, home

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Sunteck Ltd on Wednesday reported 16 per cent decline in its sales bookings at Rs 1,022 crore during the last fiscal year.

The company had clocked sales bookings of Rs 1,221 crore in the previous year.

Sunteck achieved lower sales bookings in the first six months of the 2020-21 at Rs 301 crore. The second half of last fiscal contributed Rs 720 crore to the overall sales bookings number.

In a regulatory filing, the Mumbai-based developer said the collection from customers increased to Rs 780 crore in 2020-21 fiscal from Rs 715 crore in the previous year.

"Aggressive project acquisition was done in FY21 within the industry - three new project acquisitions under the asset-light strategy totalling to approximately 8 million sq ft at Vasai, Vasind and Borivali," Sunteck said in its operational detail for the last fiscal.

These projects will further strengthen the cash flows and balance sheet of the company, it added.

Sunteck focuses on a city centric development portfolio of about 40 million square feet spread across 28 projects.

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