Unitech to develop 80 acres of prime Mumbai land

Realty firm forms joint venture with Mumbai-based company, reports Arun Kumar.

Real estate major Unitech has ventured into the Mumbai market to develop around 80 acres, or 9 million square feet, in central Mumbai over the next five years. In a structured deal, Unitech— India’s largest real estate firm after DLF--has formed a 50:50 joint venture with a Mumbai- based company that has around 20 acres of land near the Bandra-Kurla Complex and is likely to acquire another 60 acres nearby.

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Refusing to divulge further details, Sanjay Chandra, joint managing director, Unitech, said the combined investment to develop these lands would be around Rs 4,000 crore. “As part of a strategic decision we have decided to enter Mumbai, which will be our biggest exposure after the National Capital Region,” he said.

In the first phase Unitech will build 3 million sq ft, which will eventually be increased to 9 million in five years. The company will develop office complexes mainly. The project is likely to start in the next three-four months. Once the first phase is completed, rents will be around Rs 1,200 crore a year.

Besides commercial space, Unitech is also planning a residential complex in Mumbai. Sources said the company was in talks with leading Mumbai landowners and expected to close a deal shortly.