Sunteck Realty jumps 13% despite I-T raids
Mumbai based commercial properties developer Sunteck Realty traded with over 10 per cent gains on the Bombay Stock Exchange today. The jump came despite reports of income tax search operations at the company's offices in Mumbai.
The sharp jump came on reports that Sunteck Realty is likely to seal a land deal in Mumbai soon.
The company will buy 15 acres of land in Goregaon west owned by Somani Realtors for Rs 350 crore, sources said. Sunteck has already paid over 60 per cent of the amount, the sources added.
The company plans to build mid segment residential project on the land and a small scale retail project might also come up.
Current property rates in Goregaon at Rs 9,000-12,000 per square feet. Sunteck Realty declined to comment on the story. Sunteck Realty also has a joint venture with Ajay Piramal Group's Piramal Realty.
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