Sunteck Realty leases constructing in BKC to Bennet Coleman for 29 years

Sunteck Realty Ltd has leased out a business constructing in Mumbai’s enterprise district, Bandra Kurla Complicated, to Bennet, Coleman & Co for 29 years to generate lease income of over ₹2000 crore.

The Mumbai-based actual property developer’s premium business constructing Sunteck Icon has a built-up space of two lakh sq. toes, and the month-to-month lease is ₹300 per sq. toes, the corporate stated in an announcement. This works out to an annual lease of ₹72 crore.

A couple of yr again the corporate had leased out one other constructing in the identical space to edtech agency UpGrad. This was additionally for 29 years, producing related lease income for the developer.

• Additionally learn: Sunteck Realty: Why This Mumbai-based Actual Property Agency is An Enticing Funding

The 2 buildings collectively will generate regular annuity earnings for the developer, Sunteck Realty stated.

The Mumbai-centric realtor has round eight business property in its portfolio of which one is in Goa.

In its third quarter outcomes presentation, the corporate projected annual rental earnings of ₹70 crore within the present fiscal yr and forecast that to development to ₹320 crore in FY27.