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.
