Unitech launches ‘affordable housing’ project in Chennai

Unitech launches ‘affordable housing’ project in Chennai
The Hindu Business Line, August 11, 2009, Page 2

R. Balaji, Chennai

Unitech Group has launched two residential projects in Chennai including Uni Homes in the affordable segment in a southern suburb, and a Rs 4,500-crore township in North Chennai.

Uni Homes is a brand positioned in the fast-growing affordable homes category. These would be gated communities with 500-1,000 sq.ft. apartments priced in the Rs 10-30 lakh range depending on the location and the city. The company has announced plans to launch Uni Homes in Noida, Mohali, Rewari, Bhopal, Kolkata and Chennai.

According to market sources, Uni Homes is coming up at Nallambakkam on the Kelambakkam-Vandalur road about 30 km to the south of Chennai off National Highway 45. This project is linked to UniWorld City, a 250-acre township to be launched later. Uni Homes is coming up on an 11.5-acre plot with 1,000 apartments in blocks of ground plus three floors.

Each two-bedroom-hall-kitchen apartment of 700 or 715 sq.ft. costing Rs 12.91 lakh and Rs 13.19 lakh.

These are on offer at a launch price of Rs 1,845 a sq.ft which is about Rs 200 less than what it could cost when formally launched after approvals are in place shortly, said the sources. Delivery is planned for end 2011.

The company has tied up with Food Bazaar to set up a convenience store and is in discussions with a hospital chain for healthcare facilities.

BINNY MILLS TOWNSHIP

Unitech marked its entry into Chennai a couple of months back with the soft launch of a 70-acre residential township at Perambur, on where Binny Mills formerly stood located.

The project is a joint venture between the Hyderabad-based PVP Group, the land-owner, and Unitech and Arihant Foundations. Over 4,000 apartments are planned, with each priced at Rs 19 lakh. Nearly 1,000 apartments have been sold, according to Unitech.