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.
The company outbid Dubai-based Al Hamrah Real Estate Development LLC. The project will be developed at an estimated investment of Rs 30,000 crore, phase-wise, over the next 10 years. The company is targeting revenue of Rs 75,000 crore from the project on completion, according to sources. 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 centers.
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