Unitech lines up Rs 6000 cr for Noida

In a bid to set up a landmark address in the world, realty major Unitech will invest around Rs 6,000 crore for developing a residential project of 5,300 apartments in Noida.

This project, coined as Unitech Grande, is being developed over 347 acres in Noida. Of this, Unitech had purchased 300 acres for Rs 1,582 crore in the country's most expensive land deal, ousting its archrival DLF. Unitech added another seven acres to the project later.

Sanjay Chandra, managing director, Unitech, said, "We are expecting this project to generate revenues of Rs 15,000 crore. Total investment on land is Rs 1,750 crore and another Rs 4,200 crore is required for construction."

Unitech Grande will be developed over four phases in seven years. It will be funded by internal accruals and debt.

The realty company launched 670 units last week and has already sold more than 160 apartments, including 10 to non-resident Indians.

The 2,200 square feet-plus apartments have been priced at Rs 7,750 per square feet with the first instalment comprising 10 per cent of the cost. The price of the apartments starts from about Rs 1.8 crore and would cross Rs 4.25 crore, depending on the size.

The project involves 10 global architectural and design consultants. It comprises 90 towers, of which eight will be signature towers and four gateway, having 36-45 floors each.

The company has also planned a Habitat Centre, which will include a 1,000-seater convention centre and a 400-seat auditorium, bowling alley and libraries.

Given all these facilities, industry experts say Unitech has priced its apartments very "fairly".

"Luxury apartments in Gurgaon do not offer all this, and yet they are priced in the similar range," said one realty analyst.

Chandra did not rule out a further price escalation and justified this by saying, "Unitech Grande is only fifteen minutes away from south Delhi, where high-end apartments cost Rs 15,000 per square feet."

Unitech is planning to target NRIs and is going on a roadshow to San Francisco later this month. The company has already tied up with Citibank for marketing Unitech Grande to the bank's gold customers. It will later promote this project to American Express platinum cardholders.