Realty major Unitech expects a sales realisation of Rs 400 crore over the next 2-3 years from a new premium housing project in Noida.

Unitech, the country’s third largest realty firm, launched a seven-acre housing project ‘Exquisite’ in Noida last week.

“We will develop 312 luxury apartments in this project. We expect to generate sales booking of Rs 400 crore over a period of 2-3 years from this project,” Unitech Vice-President (Corporate Planning) R. Nagaraju said.

The price would be about Rs 1.2 crore, he said, adding that the size of the flats would be ranging from 2,205-2,450 sq ft.

He said the demand for luxury homes has been rising in Noida because of good infrastructure and better connectivity to the national capital.

During April-June quarter, Unitech sold 1.51 million sq ft, out of which 59 per cent was contributed by Noida and Greater Noida where it is constructing about 10 projects including a 350-acre township.

In value terms, Unitech sold properties worth Rs 701 crore during the first quarter of this fiscal, of which housing contributed Rs 607 crore.

“We are currently focusing on execution of projects,” Nagaraju said.

On debt, he said the company is continuously reducing the debt from internal accruals. During last fiscal, Unitech cut its consolidated net debt by Rs 325 crore to Rs 5,399 crore.

Last month, the company had reported a 53 per cent decline in its consolidated net profit at Rs 45.88 crore for the quarter ended June 30 against Rs 98.36 crore in the year-ago period.

Total income fell 36 per cent to Rs 442.28 crore in the first quarter of this fiscal against Rs 686.83 crore in the corresponding period last year.

(This article was published on September 2, 2012)
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