Sunteck Realty says independent director V P Shetty's term has ended

Sunteck Realty Limited has told stock exchanges that Vaddarse Prabhakar Shetty, known as V P Shetty, has completed his tenure as an Independent Director of the company. The change took effect at the close of business on 10 November 2026. The Mumbai-based developer filed the intimation with the National Stock Exchange (NSE) and the BSE under the Securities and Exchange Board of India's listing rules.

The filing was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It is listed as a change in management item. The company said Shetty's term ended on completion, and it thanked him for his contribution during his time on the board.

What the board record shows

Shetty holds Director Identification Number (DIN) 00021773. The company's board records show his directorship began on 10 November 2021, so his term ran for five years. An independent director is a non-executive board member who is not part of the company's management and is expected to provide oversight on behalf of shareholders.

Sunteck's board will still have three independent directors: Mukesh Jain, Chaitanya Dalal and Sandhya Rohit Malhotra. Under the listing rules, a listed company must keep an adequate number of independent directors on its board. The filing does not say whether the company will fill the vacancy.

Where the company stands

The board change comes as the developer reports growth in sales. In its third-quarter results for FY26, Sunteck reported presales of ₹734 crore in the quarter, up 16.0% year on year. Presales for the first nine months of the year reached ₹2,093 crore, up 26.0%. The company said it is on track to meet its annual presales guidance of ₹3,000 crore.

The company has also been expanding its group structure. On 5 November 2026, it subscribed to 10,000 shares for ₹1 lakh in cash in a new wholly owned subsidiary, Eminara Real Estates Private Limited. In FY26, it invested ₹623 crore in business development during the first nine months, including acquisitions in Andheri and Nepean Sea Road. Its announced projects include a ₹1,200 crore luxury residential project on Mira Road, under a joint development agreement, and a redevelopment in Bima Nagar, Andheri East, with a gross development value of ₹1,100 crore.

Sunteck was incorporated in 1981 and has its registered office at Sunteck Centre, Subhash Road, Vile Parle (East), Mumbai. The company says it has delivered 17 residential and commercial projects worth about ₹9,000 crore, and that it is one of the larger developers in the western suburbs of the Mumbai Metropolitan Region, from Bandra to Virar. Its notable projects include Signature Island at Bandra Kurla Complex, Sunteck City at Oshiwara District Centre and Sunteck World at Naigaon.

Market reaction and what to watch

On the BSE, the stock was quoted at ₹305.60 in the session after the filing, up 6.70 points or 2.24% from its previous close of ₹298.90. The filing did not give a reason for the move, and the change in board composition alone does not change the company's sales or project pipeline.

For buyers in Mumbai, the change has no direct effect on existing or upcoming projects. For investors, the more relevant points are the company's board structure and its presales delivery against the ₹3,000 crore guidance. Buyers and investors should read the company's stock exchange filings for any further changes.

The next step to watch is the board itself. The company is expected to carry out board evaluations and may consider new director appointments. No dates for either step have been announced. Any appointment would be disclosed to the exchanges under the same listing rules.