Unitech to invest Rs 600 cr for 5,000 affordable houses

Unitech to invest Rs 600 cr for 5,000 affordable houses
Business Standard, August 13, 2009, Page 3

Press Trust of India / New Delhi

Enthused by the robust demand for its affordable housing projects, realty major Unitech today said it would invest Rs 600 crore to develop 5,000 such units in seven cities across India.

Unitech would launch affordable housing projects in seven cities this week. The projects would come up under 'Uni Homes' brand at an affordable price range of Rs 10-30 lakh.

The projects would come up at Noida, Greater-Noida, Chennai, Kolkata, Rewari, Bhopal and Mohali.

"The total area to be launched in these seven cities would be 4.5 million sq ft," a company spokesperson said.

The company has land to develop these projects and would invest Rs 600 crore on construction, he added.

Unitech is aiming to launch 30 million sq ft of housing space in FY10, including 20 million sq ft under 'Uni Homes'. So far it has launched 17 million sq ft housing area.

"We have received overwhelming response from the customers and have sold more than 6,000 apartments comprising seven million sq ft of area," he further said.

In order to achieve the numero-uno status in realty sector within a year, Unitech had announced to build 20,000 affordable houses at a cost of Rs 1,700 crore in May.

"We made a mistake of only focusing on top two-three per cent of India's population. Now we want to reach the masses and enter into budget and affordable houses. We will be the biggest player in the housing segment," Unitech Managing Director Sanjay Chandra had told PTI.