Sunteck Realty signs an exclusive lease deal with Upgrad for its premium commercial project Sunteck BKC51

Sunteck Realty Limited (SRL), is a Mumbai based luxury real estate development company that has leased out approx. 2 lakh square feet of built-up area of its premium commercial building Sunteck BKC51 to Upgrad Education Private Limited for a lease term of 29 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 carpet area basis. The total revenue generated from the project will amount close to Rs 2,000 crore over the entire lease tenure.

The iconic commercial project BKC51 is situated off Bandra Kurla Complex (BKC) offering well designed spaces equipped with all the modern facilities and amenities. The project also possesses Green Building Pre-Certification from Edge-IFC, a member of the World Bank group. The project is at near completion stage and the possession is to be completed by June 2023.

Upgrad Education Private Ltd. will be providing superior education infrastructure for its students to focus on their academics and career development. Upgrad is expected to initiate operations soon in the near completion commercial space.

Mr. Kamal Khetan, Chairman, Sunteck Realty Limited, said, "We are delighted to announce this deal with one of South Asia's largest higher EdTech Companies. Sunteck is only committed to provide best in class real estate solutions to our clients. It is an exciting opportunity to utilize a truly sustainable and unique space for the needs of next generation aspirants."

JLL, the country's premier and largest professional services firm specializing in real estate and investment management, provided advisory for this marquee commercial transaction.

Rachit Mohan, Co-Head Office Leasing Advisory, Mumbai , JLL said "BKC is today the financial hub of India's financial capital. It offers a combination of world-class infrastructure and proximity to the airport, railway stations, and the eastern and western corridors. With many educational institutions and corporates located in and near BKC, edtech companies have access to not only a great talent pool but also potential clients and investors. Offering multiple opportunities to network, get funding and support, this micro market serves as the strategic hub to improve productivity, save costs, and enhance employee satisfaction and well-being."

Shares of Sunteck Realty Limited was last trading in BSE at Rs. 305.85 as compared to the previous close of Rs. 301.75. The total number of shares traded during the day was 14033 in over 962 trades.

The stock hit an intraday high of Rs. 309.70 and intraday low of 300.30. The net turnover during the day was Rs. 4288770.00.

Source : Equity Bulls

Keywords

SunteckRealty INE805D01034 Lease SunteckBKC51 UpgradEducation