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

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.

• Also read: Sunteck Realty: Why This Mumbai-based Real Estate Firm is An Attractive Investment

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.

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