Sunteck Realty Limited (SRL), a Mumbai-based luxury real estate development company, has leased out approximately two lakh square feet of built-up area of its premium commercial building Sunteck BKC51 to Upgrad Education Private Limited for a lease term of 29 years.
Upgrad will pay starting rentals of close to Rs 300 per sq ft per month on carpet area basis. The total revenue generated from the project will amount close to Rs 2,000 crore over the entire lease tenure.
The commercial project, BKC51, is situated off Bandra Kurla Complex (BKC) offering well-designed spaces equipped with all modern facilities and amenities. The project also possesses Green Building Pre-Certification from Edge-IFC, a member of the World Bank group. The project is at the near completion stage and the possession is expected by June 2023, as per Sunteck Realty, which issued a statement Wednesday.
Upgrad is expected to initiate operations soon in the commercial space. Kamal Khetan, Chairman, Sunteck Realty Limited, said, “We are delighted to announce this deal with one of South Asia’s largest higher EdTech Companies. Sunteck is only committed to provide best in class real estate solutions to our clients. It is an exciting opportunity to utilise a truly sustainable and unique space for the needs of next generation aspirants.”
JLL, the country’s one of the premier and largest professional services firms specialising in real estate and investment management, provided advisory for this marquee commercial transaction.
Rachit Mohan, Co-Head Office Leasing Advisory, Mumbai, JLL said, “BKC is today the financial hub of India’s financial capital. It offers a combination of world-class infrastructure and proximity to the airport, railway stations and the eastern and western corridors. With many educational institutions and corporates located in and near BKC, edtech companies have access to not only a great talent pool but also potential clients and investors. Offering multiple opportunities to network, get funding and support, this micro market serves as the strategic hub to improve productivity, save costs and enhance employee satisfaction and well-being.