Unitech strikes mega deal for Vizag land

The company is believed to have acquired 1,750 acres of land from the Andhra Pradesh Infrastructure & Industrial Corporation (APIC) for Rs33.28bn

Unitech has reportedly bagged the largest ever single-land deal in the country. The company is believed to have acquired 1,750 acres of land in Visakhapatnam from the Andhra Pradesh Infrastructure & Industrial Corporation (APIC) for Rs33.28bn.

North India-based real estate major outbid Dubai-based Al Hamrah Real Estate Development LLC for the Vizag land deal, a leading financial daily says.

The company plans to develop a total built-up area of 100mn sq ft, comprising villas, high-rise apartments, a golf course, club house, IT park, eco resort, hotel, shopping centre, amusement park, hospitals and educational centres, the business newspaper says.

The project will be developed at an estimated investment of Rs300bn over the next 10 years and Unitech is reportedly targeting a revenue of Rs750bn from the project on completion, the newspaper says.

It may be recalled that in August DLF, India's largest real estate firm and Unitech's rival, paid Rs16.75bn for buying 38 acres from DCM Shriram Consolidated (DSCL) in West Delhi.

DLF also won a Rs500bn bid for developing New Bangalore, a 9,000-acre township at Bidadi. But, the project did not involve a single land deal.