Distressed Sales in Costliest Indian Home Market Lure Sunteck
- Mumbai lands available at 20%-30% discount amid pandemic
- Sunteck sees more land deals in 2021 after 3 deals last year
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Sunteck Realty Ltd. was the first to spot a business opportunity a decade ago, when it snapped up land in Mumbai’s upcoming financial district and built homes for wealthy bankers. Now, as a fallout of a prolonged cash squeeze and the pandemic, it sees a bargain brewing once again.
Land is selling at 20% to 30% discounts in India’s most expensive property market, according to the homebuilder. It acquired about 9 million square feet last year, and is in talks to purchase more in 2021.