Sunteck Realty gains after a second commercial building is leased

Sunteck Realty share price rose in the early trade on April 3 after the company leased out its second building for a long term in Mumbai.

At 9:16am, Sunteck Realty was quoting at Rs 432.00, up Rs 2.30, or 0.54 percent.

The company "entered a long-term understanding/ agreement of its second premium commercial building at BKC Junction, Sunteck Icon, to Bennett, Coleman & Co Ltd," the company said in its release.

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.

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

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“Building on the momentum of our 2023 success with the leasing of BKC51 to Upgrad, it is with great pleasure that we announce the successful deal of Sunteck Icon our premium, world‐class commercial building with Bennett, Coleman & Co Ltd," said Kamal Khetan, Chairman, Sunteck Realty.

"The combined performance of the two rental assets is projected to yield an impressive average return of 30 percent on the invested capital," he added.

The company recently announced the expansion of "uber luxury residential portfolio" with entry into Nepean Sea Road and Bandstand‐Bandra West with Gross Development Value (GDV) of over Rs 3000 crore.

The share touched a 52-week high of Rs 511.65 on December 4, 2023 and a 52-week low of Rs 271.25 on June 23, 2023. The stock is trading 15.57 percent below its 52-week high and 59.26 percent above its 52-week low.

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