Listed developer Sunteck Realty Ltd (SRL) has signed a lease deal with edtech firm Upgrad for the former’s premium commercial project, Sunteck BKC51, in Bandra Kurla Complex (BKC) commercial hub in Mumbai. The lease is expected to generate Rs 2,000 crore for 29 years.
In a regulatory filing, SRL said it has leased out approximately 2 lakh sq ft of built-up area in Sunteck BKC51 to Upgrad Education Pvt Ltd for a lease term of 29 years.
Also read: Apple India Private Limited renews lease for three floors in Mumbai's BKC for five years
“This encompasses a major milestone for the company. Upgrad will be paying starting rentals of close to Rs 300 per sq ft per month on a carpet-area basis. The total revenue generated from the project will amount close to Rs 2,000 crore over the entire lease tenure,” it said.
Sunteck BKC51 is situated off BKC. The project possesses green building pre-certification from Edge-IFC, a member of the World Bank Group. It is near the completion stage and possession is to be completed by June 2023, said the company in a statement.
Upgrad is expected to commence operations soon.
“We are delighted to announce this deal with one of south Asia’s largest edtech companies. Sunteck is only committed to providing the best-in-class real estate solutions to our clients. It is an exciting opportunity to utilise a truly sustainable and unique space for the needs of next-generation aspirants,” said Kamal Khetan, Chairman of Sunteck Realty Ltd.
Also read: Avendus Capital leases four floors in Mumbai’s BKC for Rs 2.4 crore per month for five years
According to local brokers, deals are being closed for Rs 250-300 per sq ft in the premium office space in BKC.
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