Unitech To Come Up With A Knowledge City In Vizag

November 1, 2007	(1 votes, average: 5 out of 5)  Loading ...
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Unitech Ltd has entered into an agreement with the Andhra Pradesh government to develop an exclusive Knowledge City on 1,750 acres of land near Vishakapatnam, for which it will pay Rs 3,328 crore over a ten-year period.

The deal has been fixed for Rs 52 lakh per acre and is believed to be the largest in terms of the acreage from a single source in a single land deal.

Among the bids invited by the AP Government, a Dubai based builder Al Hamra Real Estate Development LLC has also qualified for the bid. However the company lost in the final stage.

According to the sources, Unitech may invest a whopping Rs 20,000 crore in a 10 million square feet of built-up space into an infotech park.

The proposed project will feature high-end villas, apartments, glitzy shopping malls and hotels. Also, there will be school and hospitals, an entertainment park and a 250-acre golf course. The company expects to generate Rs 75,000 crore from the project.

Unitech continues to acquire land, but is not willing to reveal out any details. Eyeing larger prospects, the company avers to avoid participation in overpriced land auctions.

News Published Under:   Real Estate Developers |

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