NEW DELHI: Sunteck Realty (SRL) has leased out approximately two lakh sq ft of built-up area in Sunteck BKC51, Mumbai to Upgrad Education for a lease term of 29 years, the company said in a BSE filing.
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 company said in the regulatory filing.
Kamal Khetan, chairman of the company said, “It is an exciting opportunity to utilize a truly sustainable and unique space for the needs of next generation aspirants.”
The project, situated off Bandra Kurla Complex (BKC), is at near completion stage and the possession is to be completed by June 2023. Upgrad is expected to initiate operations soon in the near completion commercial space.
JLL provided advisory for this commercial transaction.