country’s largest single land deal - Indian Real Estate Forum

Pinnacle · 02-11-07

Real estate major Unitech is learnt to have closed the country’s largest single land deal by buying a 1,750-acre plot in Vishakhapatnam from the Andhra Pradesh Infrastructure & Industrial Corporation (APIIC) for Rs 3,328 crore.

Unitech’s deal is enormous in that DLF, India’s largest real estate firm, paid Rs 1,675 crore this August for buying 38 acres from DCM Shriram Consolidated (DSCL) in West Delhi.

Though DLF did win a Rs 50,000-crore bid for developing New Bangalore, a 9,000-acre township at Bidadi, the project did not involve a single land deal. It is, however, the largest in terms of size and investment.

The company will get some portion of the 9,000 acres from the state government but will have to buy a big chunk directly from farmers at Rs 57 lakh per acre. The exact split is yet to be disclosed.

As for the Unitech deal, industry sources said the company outbid Dubai-based Al Hamrah Real Estate Development LLC. The company plans to develop a total built-up area of 100 million 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.

02-11-07	#1
Pinnacle Member Join Date: Nov 2006 Location: Mumbai, India Posts: 260 My Mood: Thanks: 0 Thanked 3 Times in 3 Posts	country’s largest single land deal Real estate major Unitech is learnt to have closed the country’s largest single land deal by buying a 1,750-acre plot in Vishakhapatnam from the Andhra Pradesh Infrastructure & Industrial Corporation (APIIC) for Rs 3,328 crore. Unitech’s deal is enormous in that DLF, India’s largest real estate firm, paid Rs 1,675 crore this August for buying 38 acres from DCM Shriram Consolidated (DSCL) in West Delhi. Though DLF did win a Rs 50,000-crore bid for developing New Bangalore, a 9,000-acre township at Bidadi, the project did not involve a single land deal. It is, however, the largest in terms of size and investment. The company will get some portion of the 9,000 acres from the state government but will have to buy a big chunk directly from farmers at Rs 57 lakh per acre. The exact split is yet to be disclosed. As for the Unitech deal, industry sources said the company outbid Dubai-based Al Hamrah Real Estate Development LLC. The company plans to develop a total built-up area of 100 million 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. __________________ Ram

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