Sunteck Realty jumps on leasing commercial space to Upgrad

Sunteck Realty (SRL) surged 4.14% to Rs 318.50 after the company leased out approximately 2 lakh square feet (sq ft.) of built-up area of its premium commercial building, Sunteck BKC51, to Upgrad Education for a lease term of 29 years.

The commercial project BKC51 is situated off Bandra Kurla Complex (BKC) offering well designed spaces equipped with all the 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 near completion stage and the possession is to be completed by June 2023.

Upgrad will be paying 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.

Upgrad Education will be providing superior education infrastructure for its students to focus on their academics and career development. 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. It is an exciting opportunity to utilize a truly sustainable and unique space for the needs of next generation aspirants.

Sunteck Realty (SRL) is engaged in the development of residential and commercial properties. SRL's developmental activities are mainly spread out in the Mumbai Metropolitan Region, along with some development in Tier-II cities such as Jaipur, Nagpur and Goa through completed or forthcoming projects. Till date, SRL has delivered over five million sq-ft (msf) and has ongoing development portfolio of over 7 msf.

The company's consolidated net profit slipped 81.4% to Rs 2.07 crore on 30.3% decline in net sales to Rs 89.33 crore in Q3 FY23 over Q3 FY22.

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