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Unitech to invest Rs 9,000 cr in two properties at Hyderabad

Unitech to invest Rs 9,000 cr in two properties at Hyderabad
PTI
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First Published: Mon, Feb 25 2008. 04 00 PM IST
Updated: Mon, Feb 25 2008. 04 00 PM IST
New Delhi: Unitech, the country’s second largest realty firm, has bagged two real estate projects in Hyderabad that it would develop over the next eight years at an investment of about Rs9,000 crore.
According to sources, the company has bagged a mixed-use project located at Budvel from Hyderabad Urban Development Authority (HUDA) for development of residential, commercial and retail space over 164 acre of land.
The total investment on this project would be Rs 3,000 crore, including about Rs 664 crore for land, they added.
The company expects to generate a revenue of Rs 6,000 crore from this project, sources said, adding the construction work is expected to start in the next fiscal.
Unitech has also bagged a project from Andhra Pradesh Industrial Infrastructure Development Corporation Ltd (APIIDC) to develop an integrated airport township in Hyderabad on public-private partnership.
The project spread over 350 acre would have a built up area of 30.5 million sq ft with mixed use development plan that includes township, hotels and office space.
The total investment in this project would be around Rs 6,000 crore, sources said, adding that the company would take five years to complete it.
The estimated revenue from this project is around Rs12,000 crore, they said.
Unitech is expanding its presence in Andhra Pradesh and has recently acquired 1,750 acres of land in Visakhapatnam from APIIDC at over Rs 3,300 crore.
The national capital region (NCR), Kolkata and Chennai are the other key markets for Unitech. The company has a land bank of about 15,000 acres, comprising 675 million sq ft of developable area.
Of the total land bank, about 60 million sq ft of area is already under construction.
Unitech has a land bank of about 2,400 acre each in Andhra Pradesh and West Bengal, and 2,100 acres each in NCR and Chennai.
The company has recently made a foray into the Mumbai market by acquiring 50 per cent stake in a firm executing a 97 acre slum rehabilitation project.
Unitech has a plan to launch an initial public offer of its office trust in Singapore, for which it has received the approval from the Singapore Exchange.
The company plans to raise about 700 million dollars through the IPO in Singapore, according to investment banking sources.
Unitech posted a 39% growth in its net profit at Rs525.78 crore for the third quarter of 2007-08 fiscal as compared to the year-ago period. Its turnover rose by 19% at Rs 1,165.11 crore during the review period.
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First Published: Mon, Feb 25 2008. 04 00 PM IST