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Representative ImageNEW DELHI: Sunteck Realty (SRL) has expanded its annuity income business of its commercial portfolio as it entered into a long term agreement with Bennett, Coleman & Co for its commercial building in BKC junction, Mumbai, the company said in a BSE filing.The built‐up area of Sunteck Icon is approximately two 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 the tenure of 29 years.In March 2023, the company had leased out BKC51 to Upgrad for 29 years.Kamal Khetan, chairman of the company said, “The combined performance of the two rental assets is projected to yield an average return of 30% on the invested capital.”Overall Sunteck Realty has projects encompassing over 50 million sq ft. The company claims to have more than doubled its gross development value (GDV) in under three years to Rs 30,000 crore in FY24.It recently announced expansion of luxury residential portfolio with entry into Nepean Sea Road and Bandstand‐Bandra West with GDV of over Rs 3,000 crore.

Published On Apr 2, 2024 at 06:15 PM IST

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