The Hindu : Business : Unitech to pump in Rs. 6,000 cr. in seven years

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Friday, Jul 06, 2007
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Unitech to pump in Rs. 6,000 cr. in seven years

Special Correspondent

To develop high-end luxury residential project in Noida

670 units will be built in the first phase
Project will generate Rs. 15,000 cr. revenue

NEW DELHI: Unitech on Thursday rolled out its plan to invest of Rs. 6,000 crore in the next seven years to develop a high-end luxury residential project in Noida.

‘Unitech Grande’, the high-end housing project, will be implemented in four phases and aims to generate a huge Rs. 15,000 crore in revenue, Unitech Managing Director, Sanjay Chandra, told reporters after the project was launched here.

According to him, the total investment will be about Rs. 6,000 crore, including Rs. 1,750 crore on lands. The project will be funded through internal accruals and advances from customers.

The company had bought 340 acres in May last year, outbidding bigger rival DLF, for a record Rs. 1,582 crore. Later, it acquired another seven acres.

Sharing the details, he said the size of the apartment would be in the range of 2,200-5,500 sq. ft. “We will develop 670 units in the first phase, which will be sold to customers at Rs. 7,750 per sq. ft,” the Managing Director said.

In fact, the company, he said, had already sold 25 per cent of apartments out of the 670 units to non-resident Indians and high net worth individuals. The price of the apartments starts from about Rs. 1.8 crore and would cross Rs. 4.25 crore, depending on the size.

Without ruling out the possibility of further increase in the price of the apartments during the next phase, he justified the premium charged asserting that the project was an extension of South Delhi where prices were ruling between Rs. 15,000 and Rs. 6,000 per sq. ft. It comprises 90 towers, of which eight will be signature towers and four gateways, having 36-45 floors each. There would be three schools, a five-star hotel comprising 500 rooms, a 200-bed hospital, integrated sports complex, various clubs, fitness centre and security features, all forming part of the project.

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