Unitech to tweak luxury housing project into township

Under weakening property market conditions, realty major Unitech has been forced to develop its Rs 15,000 crore worth high-end luxury housing project in Noida as an integrated township, aiming to boost sales.      

Unitech had launched 'Unitech Grande' project in Noida in July 2007 on a 340 acre plot that it had won in May 2006 by outbidding bigger rival DLF for whopping Rs 1,582 crore.      

Earlier, the company had planned to build 5,300 flats targeting high-net worth individuals and NRIs for the ultra luxurious project. But, the buyers for the high-end products have vanished from the property market, which is going through a slowdown, forcing builders to change their product mix.      

"We are re-designing our Grande project in Noida and will re-launch the project as an integrated townships comprising high-rise apartments, bungalows, villas and developed plots," a Unitech spokesperson said.      

The spokesperson said that the company would develop 300 apartments that it has sold in Grande. "These apartments will be developed as per the original plan and will not be affected by the re-orientation of the project. Though these buyers will also be given an option to switch to new format."      

Unitech, the country's second-largest realty firm, has launched the plots in the township at Rs 51,000 per sq yard.      

While launching the project, Unitech Managing Director Sanjay Chandra had said the investment will be about Rs 6,000 crore and estimated revenue from this project over the next seven years would be about Rs 15,000 crore.