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India's Sunteck Realty buys prime project in Mumbai

India's Sunteck Realty Ltd. said it acquired a prime project in Mumbai, with the potential to develop about 1.1 million square feet in saleable area.

Mint noted in a same-day report that the real estate company bought the development from Transcon Developers. The two companies will jointly develop the site.

The mixed-use project will include luxury residential, commercial and retail elements. It is estimated to generate a revenue of over 25.00 billion rupees in the next four to five years, Sunteck said in a Sept. 17 filing.

As of Sept. 17, US$1 was equivalent to 71.49 Indian rupees.