Unitech, the giant property developer, has plans to invest
Rs. 500 crores in Gurgaon to develop luxury housing. The project comes in the
wake of positive sentiments in the real estate sector with a surge in demand
for top-level housing. The project codenamed “The One” will comprise of 300
flats spread over 16 acres in Gurgaon, each carrying the astounding price tag
of Rs. 4.5 crores minimum, with a total revenue generation of Rs. 1500 crores.
It will take three years for the project to complete.
Each flat will have a floor area of around 4500 sq ft. In
all there will be six towers, each with 28 floors with two flats on one floor
and a total of 324 apartments over the 16 acre plot. Though details are not yet
clear, it is expected “The One” will have the usual complement of shopping
malls and other amenities in a lushly landscaped acreage. Given the positive
response from buyers, Unitech, which holds about 6500 acres on prime properties
across the country plans to launch 100 similar projects. Other giants are launching similar real estate projectssignalling a bounceback in the premium-housing segment.
This is the first project from Unitech in 18 months and
reports state that it has already constructed one-tenth of the project. Payment
is linked to customers and there is flexibility in that customers can choose to
change layout and finish the apartment to their taste. Unitech is upbeat with a
52.4 percent increase in profits for the quarter ended December 2012.
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