APIIC confirmed Unitech bid for Knowledge City

Visakhapatnam, September 25, 2007

Dubai based Al-Hamara backs out of the project

The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has finalized the bid submitted by a Gurgaon-based Unitech Limited for development of Integrated Vizag Knowledge City at Kapuluppada. Unitech Limited quoted Rs. 3,288 crore as the highest guaranteed amount for ten years.

The Knowledge City project envisages creation of world class facilities with environment friendly buildings, star hotels, facilities for leisure tourism with international golf courses, shopping complexes and an integrated Eco friendly township on an area of 1750 acres.

The area identified for the project is located on a huge hillock and the market value of the land was fixed at Rs. 20 lakhs per acre. As per bid notification, the successful bidder has to pay Rs. 350 crores for the land cost and revenue sharing to APIIC at the rate of minimum of two percent of gross revenue for ten years. The bidder is supposed to have at least one project of an integrated township development including an international standard championship golf course spread over minimum 250 acres with an investment of Rs. 1,000 crore either in India or abroad in the last ten years.

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