Sunteck Realty signs 29-year lease deal with Upgrad Education for BKC51
Sunteck Realty Limited (SRL) said that it entered into a leasing agreement with Upgrad Education for the Sunteck BKC51 commercial building in Mumbai.
The Mumbai-based luxury real estate development company will give nearly two lakh square feet of built-up area of the commercial building to the online higher education company for a lease term of 29 years.
Upgrad Education will pay starting rents of around INR 300 per square foot per month on a carpet area basis. The total amount of revenue generated by the project is expected to be around INR 2 crores for the entire lease period, said Sunteck Realty.
The BKC51 commercial development, which is located off Bandra Kurla Complex (BKC), will provide well-designed space complete with modern features and services. The development also has Green Building Pre-Certification from Edge-IFC, which is a member of the World Bank group.
The BKC51 project is on the verge of completion and possession of the property is expected to be over by June 2023.
Upgrad Education is expected to begin operations shortly in the near-to-completion commercial space.