Kamal Khetan’s Way

In 2007, when the MMRDA invited bids for its plots in the Bandra-Kurla Complex (BKC), Sunteck was the only company that opted for residential plots – all others bid for plots to build commercial projects.

Here’s how Kemal Khetan explains his action:“My observation was that in any business district, the residential segment always commands premium over commercial, whether it’s Manhattan, Hong Kong or NCPA in Mumbai.” 

One of the BKC plots which he bought for 140 crores in 2007 and converted into a residential project, Signature Island, is valued at 1,000 crores by analysts. He has two more similar projects at BKC, each valued around  700 crores. About 65% of the inventory is already sold – buyers include former Citigroup chief executive Vikram Pandit, industrialist Gautum Adani and investment banker Nimesh Kampani – and the remaining is held by the company as it believes the premium will go higher once the projects are completed.

Kamal Khetan is very smart in land acquisition. His land cost to total sales is one of the lowest among Mumbai realtors.He has never gone for trophy properties but has still managed to create high luxury projects.