New Delhi, Mar 1 (PTI) Sunteck Realty Ltd on Wednesday said it has given on lease 2 lakh square feet area in Mumbai's Bandra Kulra Complex (BKC) to Upgrad Education for 29 years and will earn around Rs 2,000 crore over the entire lease period.

In a regulatory filing, Sunteck Realty informed that the company leased out approximately 2 lakh square feet of built-up area of its commercial building 'Sunteck BKC51' to Upgrad Education Pvt Ltd for a lease term of 29 years.

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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 will amount close to Rs 2,000 crore over the entire lease tenure," the company said.

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The project is situated off Bandra Kurla Complex (BKC). The project is at near completion stage and the possession is to be completed by June 2023.

Upgrad Education 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.

Mumbai-based Sunteck Realty has a portfolio of about 52.5 million square feet spread across 20 projects.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)