Unitech pips DLF for mega Noida "Express City" project with Rs 1583 cr offer
By Sanjay Sharma, Section Gurgaon Real Estate Property Posted on Tue May 23, 2006 at 08:59:55 AM EST
Congratulations To Unitech for bagging the largest land deal in the history of independent India ....
In the single largest real estate project in India, Unitech today outbid rival DLF Universal to bag the 340-acre city development contract on Noida Expressway with an offer of Rs 1583 crore.
Reliance Industries had bagged a tender in January for Bandra Kurla complex for Rs 1104.11 crore for the biggest deal till now.
A euphoric Sanjay Chandra, Managing Director of Unitech, told PTI immediately after opening of the bid, "we won the bid today and will finance the entire project from internal accurals, which have already been lined up.
"Once we have firmed up the plans and other details, we will start marketing the product in the Noida Expressway City, which we hope to commission in less than three years from the zero date," he said.
For the project where 50 per cent land would be used for open area development and greenery and the rest for residential accomodation, Unitech had bid at the rate of Rs 11,529 per square metre.
DLF had put up a bid of Rs 1,401.46 crore at the rate of Rs 10,200 per square metre, sources in the know of the development said.
The Rs 1100 crore Unitech, has woven a major sucess story recording over 1000 times growth in its share prices at Rs 10,016 a share (today's closing), would develop the city as low density residential place for high end customers, Chandra said.
The company split its equity share of Rs 10 into five equity shares of Rs 2 each and has convened Extraoridinary General Meeting of its shareholders on June 16 to seek their approval for the same.
It is also proposing to enhance its authorised share capital to Rs 210 crore from Rs 35 crore. Unitech has build over 30 million square feet of residential township.
Besides Unitech, DLF and Bangalore-based I City Infrastructure were also in the race.
Losing the deal could prove to be a setback to DLF, which is hitting the capital market with largest ever public offering next month, analysts said.
The Noida Authority had opened the technical bids on May one for the sectors 96, 97 and 98.
From The Outlook - May 23, 2006
Unitech pips DLF for mega Noida project with Rs 1583 cr offer
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