Shares of Sunteck Realty surged nearly 20%, touching the day's high of Rs306.70, despite reports of income tax search operations at the company's offices in Mumbai. Up till now, over 3.04 lakh shares have traded on the BSE as against the two-week average volume of 0.10 lakh shares.
According to reports, 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 Rs350 crore, sources said. Sunteck has already paid over 60% 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 Rs9,000-12,000 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.....more info
According to reports, 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 Rs350 crore, sources said. Sunteck has already paid over 60% 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 Rs9,000-12,000 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.....more info