Sunteck Realty Limited (SRL), a prominent luxury real estate developer in India, is expanding its annuity income business by leasing its second premium commercial building, Sunteck Icon, located at BKC Junction, to Bennett, Coleman & Co Ltd. This agreement, spanning 29 years, is expected to generate substantial revenue close to Rs 2,000 crore. The company plans to strategically position itself in Mumbai's key business districts, such as the Bandra-Kurla Complex (BKC) and Oshiwara District Centre (ODC), Goregaon (West). With a diversified pipeline of projects exceeding 50 million square feet and a doubling of its Gross Development Value (GDV) to INR 30,000 crores in FY '24, SRL is set for further growth and expansion.
Sunteck Realty Limited (SRL), a luxury real estate developer in India, is diversifying its annuity income business by entering a long-term agreement for its second premium commercial building, Sunteck Icon, located at BKC Junction, with Bennett, Coleman & Co Ltd. Sunteck Icon spans approximately 2 lakh square feet with an estimated rental of Rs. 300 per square foot per month, generating revenue close to INR 2,000 crore over a 29-year tenure.
This marks a significant achievement for SRL, following the successful leasing of BKC51 to Upgrad in March 2023. Kamal Khetan, Chairman of Sunteck Realty Limited, expressed enthusiasm for the company's commercial portfolio, foreseeing an impressive average return of 30% on invested capital from the combined performance of these rental assets. He anticipates further developments in prime city-centric locations, solidifying Sunteck's position as a leading developer in the real estate segment.
Looking ahead, Khetan plans to strategically position SRL in Mumbai's key business districts, focusing on Bandra-Kurla Complex (BKC) and Oshiwara District Centre (ODC), Goregaon (West). The partnership with Bennett, Coleman & Co Ltd reflects Sunteck Realty's dedication to excellence, creating innovative environments that enhance productivity. Sunteck Icon, with top-notch facilities, has received a Green Building Pre-Certification from Edge-IFC, a World Bank group member.
With a strong and diverse pipeline of projects totaling over 50 million square feet, Sunteck Realty has experienced impressive growth, doubling its Gross Development Value (GDV) to INR 30,000 crores in FY '24 within three years. Recently, the company announced its expansion into the luxury residential segment, targeting prestigious locations like Nepean Sea Road and Bandstand-Bandra West, with a GDV exceeding INR 3000 Crores.
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