Sunteck Realty Limited (SRL), a Mumbai-based luxury real estate developer, has leased approximately 200,000 sq ft of built-up area of its Sunteck BKC51 premium commercial building to Upgrad Education Private Limited. It has been leased for 29 years.
The Upgrad will pay starting rents of approximately Rs 300 per square foot per month based on carpet area. The total revenue generated by the project will reach nearly Rs 2,000 crore over the entire lease period, the company said in a statement.
The BKC51 commercial project is located opposite the Bandra Kurla Complex (BKC). It also has a green building pre-certification from Edge-IFC, which is a member of the World Bank Group. The real estate company said the project is nearing completion and the acquisition is scheduled to be completed in June 2023.
The Upgrad process is expected to start soon on the commercial space that is nearing completion.
Kamal Khatan, President of Sunteck Realty, said: "We are delighted to announce this agreement with one of the largest tertiary technology companies in South Asia. Sunteck is committed to only providing the best real estate solutions to our clients. It is an exciting opportunity to use a truly unique and sustainable space to cater to the next generation of aspirants."
JLL, a real estate investment management services company, provided advice for the landmark business deal.
BKC is the financial hub of India's financial capital offering a combination of world-class infrastructure, proximity to the airport, railway stations and east-west corridors, said Rachit Mohan, Associate Principal Leasing Consultants, Mumbai, JLL.
With so many educational institutions and companies located in and around BKC, edtech companies have access to not only a vast pool of talent, but also potential clients and investors. Offering multiple opportunities to network, access financing and support, Mohan said, this convenience store serves as a strategic hub for improving productivity, saving costs and improving employee satisfaction and well-being.
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