Sunteck targets RERA launch for Nepean Sea Road luxury project by March 2027
The South Mumbai project's approval has moved back from earlier timelines, and new units cannot be sold on a regular basis until RERA registration is granted.
Key points
- Sunteck Realty said on 27 October 2026 that it aims to secure RERA registration and launch its Nepean Sea Road project before the end of FY27.
- The project has 40 to 50 residences planned as whole-floor duplexes. The company put its GDV at about ₹3,000 crore, while a third-party profile cites ₹5,400 crore.
- Earlier targets of Q4 FY26, Q1 FY27 and H1 FY27 have passed, and new sales continue only through tenancy arrangements.
- Demolition of a third or fourth building is due to begin within days, and construction is expected to start in FY27.
Sunteck Realty said on 27 October 2026 that it aims to secure RERA registration and launch its ultra-luxury residential project at Nepean Sea Road, South Mumbai, before the end of FY27, which closes on 31 March 2027. The statement came during the company's Q2 and H1 FY27 earnings call, where Chairman and Managing Director Kamal Khetan answered an analyst's question on the project.
Khetan described the project as a "crown" asset for the company's portfolio. He said the company was "looking to launch with RERA, definitely before end of FY27". Management also said demolition of a third or fourth building on the site would begin within days. The sources reviewed do not give a RERA registration number or a possession date for the project.
Where the approval stands
The project is still awaiting RERA registration. Under the Real Estate (Regulation and Development) Act, 2016, a developer must register a project with the regulator before it can advertise or sell new units in it. Until then, the company has said it will continue tenancy-based sales. It describes the tenancy arrangements as complex and says they do not require RERA for existing owners.
The timeline has moved more than once. In 2026 filings the company expected approval by the end of Q4 FY26 or in Q1 FY27. In April 2026 it said it was confident of construction and RERA approvals within the first half of FY27. The 27 October call now points to a target before the end of FY27. An earlier analyst summary had warned that any delay beyond Q1 FY27 could weigh on fresh bookings.
Project size and value
Company material and listings describe 40 to 50 residences of 8,000 to 10,000 sq ft each. Each home is planned to occupy a full floor, with double-height duplex layouts and ceilings above 4.5 metres. Prices are cited from about ₹2.5 lakh per sq ft. A third-party report says each residence will start at more than ₹150 crore.
The value of the project is reported differently. On the call, Khetan put its current value at about ₹3,000 crore GDV. A third-party profile puts it at ₹5,400 crore. An earlier company summary put the cost of the Nepean Sea Road land at ₹200 crore. The RERA registration, once granted, will set out the sanctioned area and number of units, and that is the document to check for final figures. The project sits under the Emaance brand, which the company launched on 29 September 2025 as an invitation-only ultra-luxury brand. It has said Emaance will roll out about ₹20,000 crore of projects over 12 months, with Nepean Sea Road and Dubai as flagship locations.
Location and company context
Nepean Sea Road runs from St Stephen's Church at Warden Road to Chandralok, near Malabar Hill in South Mumbai, under pin code 400006. The stretch links to the Coastal Road. A proposed Coastal Road entry and exit point is planned at Nepean Sea Road. Chhatrapati Shivaji Maharaj International Airport is about 20 km away, around 30 to 40 minutes by road. CST Underground Metro Station is the nearest metro access point. For the Aqua Line, which one listing says will benefit residents, no completion date was found.
Sunteck reported Q2 FY27 revenue of ₹321 crore, up 27% year on year, and H1 FY27 revenue of ₹512 crore, up 16%. It spent ₹391 crore on business development, land ownership and joint development costs in the quarter. India Ratings reaffirmed the company's IND AA/Stable rating and flagged the Nepean approval timing as a key item, not a default trigger. Management kept its FY27 pre-sales growth target at 25%. It said its FY27 launch pipeline, excluding Dubai, stands at ₹7,000 crore and is weighted towards the second half.
What happens next
The next formal step is RERA registration for the Nepean Sea Road project. Until that is granted, the company's new-sale plans depend on tenancy-based arrangements. Investors and buyers will also look for the start of demolition, the expected start of construction in FY27, and the Dubai launch, which the company has said is expected in the second half of FY27 after delays linked to geopolitical tensions.
- RERA registration for the Nepean Sea Road project, targeted before 31 March 2027
- Demolition of the third or fourth building, due within days
- Construction start for the first phase, expected in FY27
- Dubai launch, expected in 2HFY27
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