Predominantly in the NCR region Unitech has spread its arm to the financial capital of the country. Over the last two years (2006 – 2008) Unitech has not only spread geographically within India but also diversified significantly in terms of lines of business in the real estate space. From being a core residential and commercial development company, Unitech has widened its scope by foraying into retail, hospitality, entertainment and SEZ.
Retail: Unitech plans to develop 48 malls and shopping centers across
Unitech already has hotels under construction in Kolkata, Noida and Gurgaon.
Geographical Expansion
Lehman Brothers Real Estate Partners is investing $175 million for picking up a 50 per cent stake in a Unitech project in Western Expressway of Mumbai. The project is jointly promoted by
Lehman is also negotiating to invest a further $350mn and $175mn in two other real estate project of Unitech in Mumbai. Together the entire investment on three project would be $700mn.
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Real estate major Unitech Ltd is in final stages of negotiation with Lehman for a $500-million PE investment in its two commercial projects in Mumbai. The two sides have signed a non-disclosure agreement. According to sources, the investment may come into two SPVs floated by Unitech for the projects in Santa Cruz, and Lehman could pick up stake in the SPVs. Unitech is planning to sharpen its focus in the Mumbai market over the new two years. Unitech already has a land bank of 350 acres in Mumbai and in next two years the financial hub is expected to contribute more revenue for the company than the National Capital Region.Both the Mumbai projects would have a combined developable office space of 2 million sq ft in the initial phase.For more view- realtydigest.blogspot.com
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