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arun · 07-07-07

Rs 5,500 crore. That's how much property developer Unitech will spend on an ultra-luxurious residential project in Noida.

A golf course, a sports complex, a 200-bed hospital, clubs and a convention centre. These are a few features that Unitech's new residential project will sport. Unitech will invest Rs 5,500 crore in the project which will hold 5,300 units, including apartments, duplexes and penthouses. It will come up on a 347-acre plot, which Unitech acquired in May last year, for Rs 1,500 crore. Unitech has roped in international architectural firms to design the project.

Sanjay Chandra, MD, Unitech said, “I think this will take us to a totally different level. This is a project of true international scale, which hasn't been done in many countries. We expect, over the next seven to eight years, revenue of about Rs 15,000 crore at least, to come through this project."

Unitech plans to develop this land in four phases over the next seven to eight years. Out of the 670 units planned for the first phase, over 25% have already been sold.

Although most of the buyers are high networth individuals and NRIs, Unitech plans to target the corporate sector, as well. The size of the apartments will vary between 2,200 and 5,500 sq feet. The apartments sell for Rs 7,700 a square foot, but Unitech expects prices to increase as the project progresses.

Source: Money Control
Date: 07-07-07

07-07-07	#2
arun New Member Join Date: Oct 2006 Posts: 43 Thanks: 0 Thanked 0 Times in 0 Posts	Unitech to spend Rs 5,500 cr on Noida project Rs 5,500 crore. That's how much property developer Unitech will spend on an ultra-luxurious residential project in Noida. A golf course, a sports complex, a 200-bed hospital, clubs and a convention centre. These are a few features that Unitech's new residential project will sport. Unitech will invest Rs 5,500 crore in the project which will hold 5,300 units, including apartments, duplexes and penthouses. It will come up on a 347-acre plot, which Unitech acquired in May last year, for Rs 1,500 crore. Unitech has roped in international architectural firms to design the project. Sanjay Chandra, MD, Unitech said, “I think this will take us to a totally different level. This is a project of true international scale, which hasn't been done in many countries. We expect, over the next seven to eight years, revenue of about Rs 15,000 crore at least, to come through this project." Unitech plans to develop this land in four phases over the next seven to eight years. Out of the 670 units planned for the first phase, over 25% have already been sold. Although most of the buyers are high networth individuals and NRIs, Unitech plans to target the corporate sector, as well. The size of the apartments will vary between 2,200 and 5,500 sq feet. The apartments sell for Rs 7,700 a square foot, but Unitech expects prices to increase as the project progresses. Source: Money Control Date: 07-07-07