Sunteck Realty announces major lease agreement with Bennett, Coleman & Co for Sunteck Icon building
Sunteck Realty Limited (SRL), a frontrunner in India’s luxury real estate sector, has significantly bolstered its annuity income business through a pivotal long-term lease agreement with Bennett, Coleman & Co Ltd for the Sunteck Icon building, marking another notable advancement in its commercial portfolio. Situated at the prime BKC Junction, Sunteck Icon encompasses a built-up area of approximately 2 lakh square feet, commanding a rental of Rs. 300 per square foot per month on a carpet area basis. This arrangement is poised to generate revenue nearing Rs 2,000 crore over a 29-year tenure, underlining a substantial milestone in SRL’s commercial endeavors.
This development follows the successful leasing of BKC51 to Upgrad in March 2023, also for a 29-year period, demonstrating Sunteck’s strategic foresight and expansion in the Mumbai-Bandra-Kurla Complex (BKC) and Oshiwara District Centre (ODC), Goregaon (West). “Building on the momentum of our 2023 success with the leasing of BKC51 to Upgrad, it is with great pleasure that we announce the successful deal of Sunteck Icon, our premium, world-class commercial building with Bennett, Coleman & Co Ltd,” remarked Mr. Kamal Khetan, Chairman of Sunteck Realty Limited. He highlighted the impressive average return of 30% on invested capital from these rental assets and envisioned more city-centric prime developments and marquee transactions to cement SRL’s leadership in the real estate segment.
Sunteck Icon stands as a testament to modern architectural excellence and sustainability, boasting Green Building Pre-Certification from Edge-IFC, a member of the World Bank group. This partnership not only enhances Sunteck Realty’s commercial portfolio but also reflects the company’s commitment to creating productive and innovative environments.
Sunteck Realty’s strategic positioning within Mumbai’s key business districts aligns with its vision for growth and excellence in the real estate sector. With a diversified project pipeline exceeding 50 million square feet and a Gross Development Value (GDV) that more than doubled in under three years to an impressive INR 30,000 crores in FY ’24, SRL is on a robust growth trajectory. The company’s recent foray into uber-luxury residential projects in Nepean Sea Rd and Bandstand-Bandra West, boasting a GDV of over ₹3000 Crores, further underscores its ambitious expansion and commitment to luxury real estate development.
This long-term agreement with Bennett, Coleman & Co Ltd for the leasing of Sunteck Icon marks a significant achievement for Sunteck Realty Limited, spotlighting its strategic expansion and solidifying its position in the luxury real estate market. The deal not only signifies a milestone in SRL’s commercial portfolio but also enhances its footprint in Mumbai’s real estate landscape, promising continued growth and innovation.