Unitech, the country's second largest realty developer by market capitalisation, will foray into Mumbai with a commercial project spead over 80 acre near the Bandra Kurla Complex. The company will be investing nearly Rs 4,000 crore in the project over the next three years. The project size is eight million square feet, and the first phase, comprising three million square feet, is expected to be completed in 2010. The first phase of the project could annually yield Rs 1,200 crore as rentals if one were to go by the prevailing market rate of Rs 350 per square feet near Unitech's project.It is believed that Unitech has acquired 50% stake in a special purpose vehicle of a private builder based in Mumbai. "The land belonged to this SPV in which Unitech has now acquired 50% stake. The project will be developed solely by Unitech," said a source close to the development."We have strong plans of entering Mumbai with various development projects," said Sanjay Chandra, managing director, Unitech. He did not comment on the commerical project.
