Sunteck Realty gives on lease commercial building in Mumbai to Bennett, Coleman & Co

Sunteck Realty Ltd has given on lease its commercial building in Mumbai to Bennett, Coleman & Co Ltd and expects to earn a rental income of nearly Rs 2,000 crore during a tenure of 29 years.

In a regulatory filing, Sunteck Realty informed that the company is expanding its annuity income business of its commercial portfolio.

Sunteck said it has entered into a long-term understanding/agreement of its premium commercial building at BKC Junction, Sunteck Icon, to Bennett, Coleman & Co Ltd.

''The built-up area of Sunteck Icon is approximately 2 lakh square feet with an approximate rental of Rs 300 per square feet per month on carpet area basis,'' Sunteck said.

This will allow the company to generate a revenue of close to Rs 2,000 crore over the tenure of 29 years, it said.