Sunteck Realty Ltd (SRL) is expanding its annuity income business of its commercial portfolio by entering into a long term understanding/agreement of its second premium commercial building at BKC Junction, Sunteck Icon, to Bennett, Coleman & Co Ltd.
The built-up area of the building is about 2 lakh sq ft with an approximate rental of Rs 300 per sq ft per month on carpet area basis. This will allow the company to generate a revenue of close to Rs 2,000 crore over 29 years.
This marks a major milestone for the company which had leased out another of its buildings at BKC Junction called BKC51 to Upgrad last March for 29 years.Sunteck's chairman Kamal Khetan said, "The combined performance of the two rental assets is projected to yield an impressive aver-age return of 30 per cent on the in-vested capital."
