Sunteck Realty (SRIN) has announced a new residential project acquisition of10msf in Shahad, located in Mumbai Metropolitan Region’s (MMR) extendedEastern suburbs. The project has been acquired under the asset light JDA modelin which SRIN may have 75-80% revenue share. Assuming development overFY24-35E, we estimate gross revenue of Rs91.2bn (SRIN share at Rs72.6bn) withpre-tax operating surplus of Rs26.6bn and NAV accretion of Rs14.4bn(Rs103/share). We maintain our BUY rating on SRIN with a revised target price ofRs580/share (earlier Rs475) based on 1x NAV incorporating the new Shahadacquisition. SRIN has now added four new projects since Mar’20 with the threeearlier projects in Vasai/Vasind/Borivali adding 8msf of saleable area. Key risks toour call are slowdown in the Mumbai property market volumes and fall inresidential/commercial prices.