Vikas Rikhye

Unitech Limited aiming to be Number-1 real estate developer is spreading its wings now to South India. I understand from some sources that very soon M/s Untitech Limited would be announcing its two Joint-venture deals in Chennai and Hyderabad .

The sources add that these JVs would have the main focus on Binny land near Perambur in north Chennai & Shamshadabad around Hyderabad. involving over 1,400 acres of prime land.

The sources also highlight the following:

• Unitech would shortly announce its 50:50 joint venture deal with serial entrepreneur Prasad V Potluri’s PVP Enterprises that owns around 1,300 acres of land bank in Hyderabad’s Shamshadabad region.

• In the next few weeks, Unitech may also unveil, a 55:45 joint venture deal for developing 8.8 million sq ft of residential property on the 70-acre Binny land near Perambur in north Chennai, owned by SSI

• It is believed that development on the Binny land alone involves construction of over 5,000 residential flats, besides retail and commercial space. Even at a reasonably price level of Rs 5,000 per sq ft, the sale proceeds of developing 8.8 million sq ft comes to around Rs 4,400 crore.

• It is understood that the environment clearance has been obtained for the project.

With the information perceived as stated above, “Adds a feather in the cap” of Unitech’s progressive approach towards becoming India’s Number One Real estate developer.