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Unitech Ltd, the country’s second largest realty firm, will develop an integrated township at Rewari in Haryana with an estimated construction cost of Rs 55 crore.
Unitech had recently announced that it will launch 10 million sq ft of saleable area in the next four months, at an estimated construction cost of Rs 1,500—2,000 crore.
According to sources, the company would build 350 housing units at Rewari in the first phase as part of its strategy to utilise the land bank in smaller cities. The 83 acre project would be developed under mid—income housing brand ‘UniHomes’
The company would sell majority of these units in a price range of Rs 20—30 lakh, sources said, adding that construction work is expected to commence in the next two—three months.
This is the company’s seventh ‘UniHomes’ project. Earlier, it had launched similar projects in Noida, Greater Noida, Chennai, Kolkata, Bhopal and Mohali.
In a presentation to the investors, Unitech had said it has sold 7.9 million sq ft of area in the first nine months of this fiscal for Rs 3,348 crore.
The company is targeting to sell 10 million sq ft of area at a sale value of Rs 5,000 crore, it added.
Higher sales bookings have helped the company reduce its net debt by Rs 555 crore to Rs 4,617.47 crore, as on December 31, 2010.
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