Sunday, August 13, 2006
Unitech to invest Rs.1,800 crores in housing project
Real estate developer Unitech Limited will invest Rs.1,800 crores in the next four to five years to develop a residential township at Greater Noida, which would have around 4,500 apartments.
Unitech has bagged 100 acre of land at Rs.556.44 crores from Greater Noida Authority recently to develop group housing project.
``We are planning to develop 4,500 apartments at Greater Noida that would involve an investment of Rs.1,800 crores, including the land cost of Rs.556.44 crores,'' Unitech Managing Director Sanjay Chandra told PTI.
On the source of funding the investment, Mr. Chandra said it would be met through internal accruals, advance against sales and added the company would raise loan of about Rs.500 crores.
The residential project would be developed at about eight million square feet area, he said. Besides apartments, the project would also have convenience malls, fitness centre, nursing homes, clinics and schools.
With acquisition of 100 acre of land, the company's total land bank in Greater Noida has reached 251 acres. - PTI
