Real estate major Unitech in massive land deal
Real estate major Unitech is set to announce India's largest real estate deal at a sticker price of well above Rs. 2,000 crore. The land deal is said to surpass earlier mega deals including Unitech's Rs. 1,568 crore Noida Expressway deal, Reliance Industries Rs, 1,100 crore Bandra-Kurla deal and DLFs Rs. 702 crore deal for NTC mill land.
The parcel of land being purchased is outside the National Capital Region.
Unitech is on a rapid growth trajectory and has chalked out an ambitious Rs 7,000 crore investment to build 15 hotels and seven IT SEZ parks in the next five years. The company is already developing hotels in Gurgaon, Noida and Kolkata and a service apartment in Gurgaon. Unitech has in-principle approval for the IT SEZs to be built in Chennai, Gurgaon, Kolkata, Kochi, Noida and Greater Noida.
Unitech had a strong quarter with net profits surging to Rs. 74 crore for the quarter ending June 30, as compared to Rs. 8.2 crore the previous year.
By INRnews Correspondent
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