Sudipto Dey & Mayur Shekhar Jha, New Delhi
The Economic Times (Chandigarh edition)
Residential property prices in the Noida area are set to witness an all time new high. The real estate major Unitech Grand's ambitious inter-grated township project on Noida Expressway is set to stir the high-end residential property market in Noida with start-up rates of around Rs 1.8 crore for an apartment, going all the way up to Rs 4.5 crore.

The Unitech property is being sold for around Rs 7,700 per sq ft, while till date top end residential projects in Noida attracted rates of around Rs 6,500 per sq ft. Industry analysts say this will set the tone for the market, pushing up the average rate for residential properties in Noida. Property prices in the adjoining areas of the expressway project have already seen a jump of over 70-75 percent in the last one year.

According to sources in the property brokerage business, the minimum cost of an apartment in Unitech's township will be about Rs 1.8 crore, for a 2700 sq ft apartment, while penthouses can cost as much as Rs 4.5 crore. "The project is being exclusively positioned for foreigners, NRIs and HNIs," said a Noida based property dealer. To be ready by 2010, 400 premium apartments are being developed in the first phase. At present, the average price of residential units in the Noida area is just about Rs 3,500-4,000 per sq ft. "Once the Unitech project is launched, it is expected that this figure will go up to Rs 5,000 sq ft," said Rajan Ahuja, director, Realty Verticals, a real estate brokerage firm in the NCR. "Just about an year back, price in the area was about Rs 1,800 per sq ft," he said.

Property analysts feel that the project may set the tone for the sluggish residential market. "It will set a new benchmark for top end property in Noida the supply of which was limited, as compared to that in Gurgaon" said CB Richard Ellis managing director Anhsuman Magazine. Premium residential rates in Gurgaon ranges between Rs 7,500 per sq ft to Rs 9,500 per sq ft.

According to Harinder Singh of Realistic Realtors, a brokerage firm, premium projects such as these attract large number of actual users than usual. "This will also help in getting a better price in the secondary market," he added.

In one of the biggest land deals ever; Unitech had purchased 340- acre land from the Greater Noida Authority for a whopping Rs 1,582 crore. The immediate impact of this land deal was on the land acquisition exercise of other builders in the area, the most prominent being Ansal API.
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  • Fire to lag gayi hai......... better to say Lanka lag gayi hai Unitech ki..

    They have not yet started foundation of this project...
  • An article in July 2007 about fire in real estate price but what actually happened.
  • just got a call from a broker about unitech residences in sector-117? can someone tell me the prospects of this project since it seems that this project is already running late, broker told me that it has just launched with some inaugural discount, however the price list shows price from 1/6/2011 with some discounts. I am wondering how can that be possible, please throw some light on this if anybody knows?
  • Unitech has fired all his curtomers --- 2012 news update