Sunteck Realty sells 2,000 out 2,476 flats at West World, Naigaon

In yet another indication that the real estate market is starting to revive, Sunteck Realty, a Mumbai-based real estate developer, announced that it has sold 2,000 out of the 2,476 flats in its upcoming West World project in Naigaon near Mumbai.

It said the sales has generated Rs 600 cr, which implies a per unit realization of Rs 30 lakhs.

Naigaon is north of Mira-Bhayander, on the Western Railway line that goes to Gujarat.

It is one of the fastest growing suburbs of Mumbai, partly because it is situated on the Western Line and partly because all the areas ‘before’ the station are more or less saturated with buildings.

The first phase, for which the sales have been booked, will be ready by 2020.

It comprises two types of flats — 1 bedroom, hall and kitchen apartments of 392 square feet and 2 BHKs of 547 square feet.

The former are priced at Rs 32 lakhs and the latter at Rs 42 lakh.

The company will also offer 3 BHK apartments at the same location.

The sales indicate that demand for affordable projects continues to remain robust even as higher-end projects (Rs 70 lakhs and above) have found it more difficult to find takers.