Sunteck Realty signs exclusive lease deal with Upgrad for premium commercial project

Posted March 6, 2023 by kajalsharma

NEW DELHI : Sunteck Realty Limited (SRL) has leased out around 2 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.
In a statement, Suntech said that Upgrad will pay starting rentals of close to ₹300 per square feet per month on carpet area basis. The total revenue generated from the project will amount close to ₹2,000 crore over the entire lease tenure.

“The iconic 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," the statement said.

Upgrad Education Private Ltd. 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.

“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 utilize a truly sustainable and unique space for the needs of next generation aspirants,“ said Kamal Khetan, Chairman, Sunteck Realty Limited.

JLL, the country’s premier and largest professional services firm specializing in real estate and investment management, provided advisory for this marquee commercial transaction.

“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,“ said Rachit Mohan, Co-Head Office Leasing Advisory, Mumbai , JLL.
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Last Updated March 6, 2023