Unitech plans Rs 3.5k cr funds for Mumbai debut
Real estate major Unitech plans to raise about Rs 3,500 crore through debt by March 2009, taking take the company’s total debt to Rs 8,000 crore.
By TNN |
NEW DELHI: Real estate major Unitech plans to raise about Rs 3,500 crore through debt by March 2009, taking take the company’s total debt to Rs 8,000 crore.
The amount raised will be used by the company to part finance its expansion plans, mainly that of entering the Mumbai market.
At present, the company has a presence in all major cities of the country, except Mumbai. When contacted, Unitech MD Sanjay Chandra confirmed the company’s plans, but declined to comment on details.
However, according to sources, the company has already signed up over 20 acres of prime land near the Bandra Kurla Complex (BKC) in Mumbai.
The company will develop about 3 million sq ft of office space on this property over the next three years, at an estimated investment of Rs 4,000 crore.
Sources say that for its Mumbai entry, Unitech has bought about 50% equity in a local Mumbai-based developer, who commands a significant landbank in some prime Mumbai locations. For the local partner, land will be the basis of equity sharing.
In all, Unitech is looking at about 70-80 acres around the BKC for developing about 9 million sq ft projects. This will include office space, commercial centres and hospitality. At a later stage, the company will also look at housing projects in Mumbai.
The amount raised will be used by the company to part finance its expansion plans, mainly that of entering the Mumbai market.
At present, the company has a presence in all major cities of the country, except Mumbai. When contacted, Unitech MD Sanjay Chandra confirmed the company’s plans, but declined to comment on details.
However, according to sources, the company has already signed up over 20 acres of prime land near the Bandra Kurla Complex (BKC) in Mumbai.
The company will develop about 3 million sq ft of office space on this property over the next three years, at an estimated investment of Rs 4,000 crore.
Sources say that for its Mumbai entry, Unitech has bought about 50% equity in a local Mumbai-based developer, who commands a significant landbank in some prime Mumbai locations. For the local partner, land will be the basis of equity sharing.
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In all, Unitech is looking at about 70-80 acres around the BKC for developing about 9 million sq ft projects. This will include office space, commercial centres and hospitality. At a later stage, the company will also look at housing projects in Mumbai.
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