Sunteck Realty leases commercial space to Upgrad, to make Rs 2,000 cr

Sunteck Realty Limited (SRL), a Mumbai-based luxury real estate development company, has leased out approximately 200,000 square feet of built-up area of its premium commercial building Sunteck BKC51 to Upgrad Education Private Limited. It has been leased for a term of 29 years.

Upgrad will be paying starting rentals of close to Rs 300 per square feet 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 company said in a statement.

The commercial project BKC51 is situated off Bandra Kurla Complex (BKC). It also has a green building pre-certification from Edge-IFC, a member of the World Bank Group. The project is at near completion stage and the possession is to be completed by June 2023, the realty firm said.

Upgrad is expected to initiate operations soon in the near-completion commercial space.

Kamal Khetan, chairman, Sunteck Realty said, “We are delighted to announce this deal with one of South Asia’s largest higher EdTech Companies. Sunteck is only committed to providing best in class real estate solutions to our clients. It is an exciting opportunity to utilize a truly sustainable and unique space for the needs of next-generation aspirants.”

JLL, a real estate investment management services firm, provided advisory for the marquee commercial transaction.

Rachit Mohan, co-head office leasing advisory, Mumbai, JLL, said that BKC is the financial hub of India’s financial capital which 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, Mohan said.