Unitech To Invest Rs 4000cr In Mumbai Realty Mkt

New Delhi: Unitech, the country''s second largest realty developer by market capitalisation, will enter into the Mumbai real estate market with a commercial project spread over 80 acres near Bandra Kurla Complex. The company will infuse nearly Rs 4,000 crore over the next three years for the first phase of the project comprising three million sq ft, which will eventually be scaled up to 8-9 million sq ft. The first phase could yield Rs 1,200 crore as rentals annually, if one were to go by the prevailing market rate of Rs 350 per square feet a month near the project site. It is believed that Unitech has acquired 50 per cent stake in a special purpose vehicle of a Mumbai-based private builder. In fact, Canary Wharf architects have been named for the project.