Sunteck Realty signs deal with Upgrad

In a mega deal, luxury real estate development company Sunteck Realty Ltd (SRL) has leased out approximately 2 lakh square feet of built-up area of its premium commercial building Sunteck BKC51 at the Bandra Kurla Complex in Mumbai to Upgrad Education Pvt Ltd for a lease term of 29 years.

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 is expected to be close to Rs 2,000 crore over the entire lease period.

The iconic commercial project BKC51 is situated off BKC, offering well-designed spaces equipped with modern facilities and amenities, according to a press statement.

The project also possesses Green Building Pre-Certification from Edge-IFC, a member of the World Bank Group.

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The project is at near completion and is likely to be completed by June 2023, following which possession will change hands.

Upgrad will be providing superior education infrastructure for its students to focus on their academics and career development. The ed-tech firm is expected to initiate operations soon in the nearly-completed 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 Ltd.

JLL, the country’s premier and largest professional services firm specializing 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.”