APIIC cancels land allotted to Unitech

The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has cancelled allotment of 1,750 acres of land to real estate company Unitech for not fulfilling the provisions of the memorandum of understanding it had entered into.

“We have cancelled the allotment 10 days ago,” APIIC executive director, Sreedhar Cherukuri, told Business Standard on Friday.

APIIC had allotted the land at Visakhapatnam to Unitech for developing a knowledge city comprising knowledge-based industries besides villas, hotels and townships.

However, the project remained a non-starter and the company was also reported to have defaulted in paying the cost of the land fully.