Tanuj

As real estate giant DLF prepares to its debut on Street on Thursday, its closest rival Unitech is ready to make a splash the same day with the launch of India's largest residential township in Noida.

The Unitech Grande will come up at an area that is spread over 340 acres on the Noida-Greater Noida Expressway.

Last year, Unitech managed to outdo DLF when it bagged the land for Rs 1,583 crore, making it India's largest land deal. Around three-years from now, Unitech completes its project and the residential township will have a 9-hole golf course and 80 highrise buildings with the tallest being 50 storeys high.

But what's surprising is that at a time when most analysts are talking about a price correction in the real estate market. Unitech has gone ahead and launched the project at a 50 per cent premium over the going rate in this area.

Unitech to launch Noida project at Rs 7,750/sq ft. Omaxe, and Eldeco are selling at Rs 5,000/sq ft. While three years back, going rate there was Rs 1,700/sq ft. But with each flat in this project costing a minimum of Rs 1.5 crore, is there a market for such super luxury projects? Experts say that going ahead it is quality that will drive the market.

As the realty space gets more and more competitive, what remains to be seen is how long will the DLF euphoria grip the stock markets and with bigger and bigger projects being rolled out, how will valuations change for these real estate players in the months to come.

Source: NDTV Profit.Com

arun

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

Vasu

This multi-million dollar residential complex of luxury villas and penthouses coming up in Noida has been focussed to our developers's dear non-resident Indian (NRI) buyers.

Aimed primarily at the NRIs, the complex is going to have its own golf course, a fitness centre, eight signature towers and four gateway towers which will house the penthouses.

Check what progress Sanjay Chandra, Unitech MD has to tell - "We have already sold over 25 per cent of the 670 units that will be ready in the first phase of construction, out of which 10 units have been sold to NRIs. As the project gets ready, we will eventually start targeting the corporates"

Tanuj

Real estate major Unitech on Thursday announced an investment of Rs 6,000 crore in the next seven years to develop a high-end luxury residential project in Noida on a plot it had won in India's biggest land deal.

The company, India's second-biggest realty firm in market value, will develop 'Unitech Grande' in four phases and aims to generate a whopping Rs 15,000 crore revenue from it. Total investment will be about Rs 6,000 crore, including Rs 1,750 crore on land. He said the project cost would be funded through internal accruals and advances from customers. Unitech had purchased 340 acre in May last year, outbidding bigger rival DLF, for a record Rs 1,582 crore. Later, it acquired another seven acre.

Revenue estimated from this project over the next seven years is about Rs 15,000 crore, which would start reflecting on the balance sheet from 2008-09 fiscal onward. The project would be the largest in the country in terms of number of apartments - 5,300 in all, built up area (15 million sq ft) and expected sales revenue. Unitech Grande is envisioned to be one of Asia's most luxurious residential projects. The lifestyle created here is unmatchable in the country and compares with best in the world.

Giving details about the project, Chandra 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," he said, adding the project was priced "very fairly" for the customer. Unitech has already sold 25 per cent of apartments from 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 size.

Chandra did not rule out the possibility of further increase in the price of the apartments during next phase. Justifying the premium charged by the company, he said the project was an extension of South Delhi where the prices are ruling at between Rs 15,000-16000 per sq ft. 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.

It would have three schools, a five-star hotel comprising 500 rooms, a 200-bed hospital, integrated sports complex, various clubs, fitness centre and security features. A Greg Norman signature designer golf course would be the main attraction of the project as each apartment would have a view of the greens that is a part of the 100-acre landscape it would built, Chandra said. Besides, there would be a habitat centre comprising convention centre, an auditorium, various conference rooms, food and beverage outlets, food courts and library. The retail area in the project would be minimal, he said, adding there would only be convenient stores. The company has not yet decided on the partners for setting up schools, hospital and management of hotel, he said.

Source: Economic Times
Date: 09-07-07