PTI| New Delhi | India
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.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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