Sunteck Realty Ltd. has announced its entry into the ultra-luxury housing market with two upcoming projects — one in Mumbai and another in Dubai — slated for launch by June next year. Together, the projects are expected to generate a gross development value of nearly â¹20,000 crore.
The company will roll out these developments under a new, exclusive “by-invite-only” brand called Emaance, a name derived from the words Immense and Indulgence.
“We are entering the ultra-luxury residential segment with Emaance, where each apartment will be priced at no less than â¹100 crore. Some units could even reach â¹500 crore,” said Sunteck Realty CMD Kamal Khetan.
The projects will include high-rise residences — one on Nepeansea Road in South Mumbai and another in Dubai Downtown, close to the Burj Khalifa community.
The Dubai launch will mark Sunteck’s first venture outside India. Apartments are expected to cost upwards of â¹2.5 lakh per sq. ft, targeting the expanding pool of billionaires and ultra-wealthy buyers worldwide.
Sunteck Realty currently has a portfolio of about 52.5 million sq. ft spread across 32 projects.
The company recently posted a 47% rise in consolidated net profit at â¹33.43 crore for the first quarter of the current fiscal, compared to â¹22.78 crore a year ago, though total income dipped to â¹201 crore.