R. Balaji

Chennai, July 27 Unitech Ltd, the Delhi-based construction and real estate development company, is expanding its operations to the South with major projects in Chennai, Hyderabad, Bangalore and Kochi, according to sources.

In Chennai, the company is in the process of launching two large residential projects – one with a leading Chennai-based developer and another on its own.

The sources said that Unitech is in an equal partnership with the Chennai-based Arihant Foundations and Housing Ltd, a premium segment developer, for a 47-acre residential project on Old Mahabalipuram Road.

A special purpose vehicle called Arihant Unitech Realty will develop over 2.5 million sq ft of built-up space at the residential facility, which would have more than 2,000 apartments with modern amenities. Unitech’s own project is coming up on the Vandalur-Kelambakkam Road, they added.

Unitech has also built up a land bank in the other major cities in the South and is in the process of initiating a range of projects – township, commercial and retail and residential – in the immediate future.

The company, which had been focusing on the North and West so far, especially Gurgaon, Noida and Mumbai, is fast establishing a presence in the southern cities, according to the sources.

In Hyderabad, the company is planning a 120-acre township and group housing at Alwal and Banjara Hills near Moulali Road; in Bangalore it’s planning a commercial project.

In Kochi, it is mulling development of plots at Aluva.

On the NSE today, Unitech shares opened at Rs 580 and closed at Rs 559.10 after hitting a high of Rs 584.

Arihant opened at Rs 440.25 and hit a high of Rs 453 before closing at Rs 430.95.

More Stories on : New Projects | Real Estate & Construction

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page