Sunteck Realty Ltd has leased out a commercial building in Mumbai’s business district, Bandra Kurla Complex, to Bennet, Coleman & Co for 29 years to generate rent revenue of over ₹2000 crore.

The Mumbai-based real estate developer’s premium commercial building Sunteck Icon has a built-up area of two lakh square feet, and the monthly rent is ₹300 per square feet, the company said in a statement. This works out to an annual rent of ₹72 crore.

About a year back the company had leased out another building in the same area to edtech firm UpGrad. This was also for 29 years, generating similar rent revenue for the developer.

The two buildings together will generate steady annuity income for the developer, Sunteck Realty said.

The Mumbai-centric realtor has around eight commercial assets in its portfolio of which one is in Goa.

In its third quarter results presentation, the company projected annual rental income of ₹70 crore in the current fiscal year and forecast that to growth to ₹320 crore in FY27.