Unitech on new hopes in South Indian Realty
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As reported by the sources at the www.propertykhazana.com Unitech, biggest Realty Developers of the country is planning to open two combine development contracts having a property bank of about 1400 acres in Hyderabad and Chennai. Realty chief will shortly reveal its 50:50 JV contract with serial industrialist Prasad V Patluri’s PVP Enterprises which possess about 1,300 acres in Hyderabad’s Shamshadabad region, most famous element of the city in view to land development.
One more main contract on card is 55:45 JV for developing 8.8 MN Sq.ft of housing land on 70 acres Binny property close by Perambur in North Chennai possessed by SSI. In present year, PVP Enterprises selected a scheming share in SSI and now it possess 62% equity share in SSI which comprise 42% QS in acquirement held by Kalpathi Brothers – Aghoram, Ganesh and Suresh and 20% from public through an open bid.
Sources revealed at www.propertykhazana.com is that, PVP forced Rs. 750-800 Crores for the share and Kalpathis still holds 29% in SSI and the rest 9% with IQBs and others. Also, 70 acres Binny land, SSI posses main land comprising an IT Park developed about 2,400 Sq.ft at Vadapalani in West Chennai and at Dasaprakash Hotel land in Ooty. Union is among SSI & PVP, official declaration is likely to be stated, even the union ratio among 2 companies is been cautiously confirmed. Every accessible loans of PVP is being changed into equity and this will make it as a debt-free company after the union. The development on Binny land alone engages building of about 5,000 housing apartments, also retail commercial space at Rs. 5,000 per Sq.ft and auction returns of 8.8 Million Sq.ft of about Rs. 4,400 Crores.
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