Mumbai: Unitech Ltd, the country''''s second largest realty firm, has entered the Mumbai property market with plans to invest Rs4,000 crore over the next three years.
Unitech is planning to develop three million sq ft, primarily office space, in central Mumbai in the next three years and is targeting construction of up to nine million sq ft in the next five years, company sources said.
Sources said the company has teamed up with a local developer to develop a project spread over about 20 acres, adding that Unitech has bought equity stake in the special purpose vehicle, which owns the land.
The company is likely to start the Mumbai project in the next 3-4 months. Unitech plans to lease the office space and expects to earn a monthly rental of over Rs100 crore. It may also build some retail space and a hotel in the project.
The company is looking at acquiring 70-80 acres of land in and around Mumbai and has completed the first phase of acquisition, the sources said, adding the company also plans to develop residential property as well in Mumbai.
Unitech has a land bank of about 20,000 acres with a saleable area of 850 million sq ft, of which 65 million sq ft is under construction.
Unitech has committed about Rs15,000 crore in last one year to enhance its land bank, sources said.
Out of the total land bank, the company has 17 per cent in NCR, 21 per cent in Kolkata and 24 per cent in Andhra Pradesh.