Sunteck Realty lease out its building in Mumbai for 29 years, Real Estate News, ET RealEstate

April 2, 2024
1 min read
Sunteck Realty lease out its building in Mumbai for 29 years, Real Estate News, ET RealEstate


<p>Representative Image</p>
Representative Image

NEW DELHI: Sunteck Realty (SRL) has expanded its annuity income business of its commercial portfolio as it entered into a long term agreement with Bennett, Coleman & Co for its commercial building in BKC junction, Mumbai, the company said in a BSE filing.

The built‐up area of Sunteck Icon is approximately two lakh sq ft with an approximate rental of Rs 300 per sq ft per month on carpet area basis.

This will allow the company to generate a revenue of close to Rs 2,000 crore over the tenure of 29 years.

In March 2023, the company had leased out BKC51 to Upgrad for 29 years.

Kamal Khetan, chairman of the company said, “The combined performance of the two rental assets is projected to yield an average return of 30% on the invested capital.”

Overall Sunteck Realty has projects encompassing over 50 million sq ft. The company claims to have more than doubled its gross development value (GDV) in under three years to Rs 30,000 crore in FY24.

It recently announced expansion of luxury residential portfolio with entry into Nepean Sea Road and Bandstand‐Bandra West with GDV of over Rs 3,000 crore.

  • Published On Apr 2, 2024 at 06:15 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles


Scan to download App
realty barcode



Source link

curationteam

Curation Team will curate content from different sources and present for you. We will not edit any content. Source link is provided for the source from where its received .

Leave a Reply

Your email address will not be published.

2024040144 burnaby reigncondotowers600
Previous Story

Wesgroup gets OK for Reign condos, eyes building 2 towers at once • RENX

High Point Market Spring 2024: AD PRO’s Essential Guide
Next Story

High Point Market Spring 2024: AD PRO’s Essential Guide

Latest from Blog