Unity to invest Rs 3,000 cr on housing project in central Delhi

Realty firm Unity group, which has built over 100 commercial buildings in the national capital, has forayed into residential segment and will invest about Rs 3,000 crore to develop a housing project at Karol Bagh in central Delhi, a top company official said today.

The company will develop 2,500 flats in 'The Amaryllis', a 40-acre project. It has also tied up with global fashion house Gianni Versace to build branded homes in two 45-storeys twin towers, touted as tallest in the city with over 182 metre height.

"We are coming up with our first housing project at Karol Bagh in central Delhi comprising about 2,500 units in 22 towers. We have tied up with Versace for twin tower having 145 branded luxury apartments," Unity group Director Harsh V Bansal told PTI.

Unity group is developing this project in joint venture with DCM group, he said, adding that this land parcel was earlier used by the DCM group for housing accommodation of workers in Delhi Cloth Mills.

In Delhi, there are very few housing projects being developed by private real estate players. India's largest realty firm DLF is developing a housing project at Moti Nagar in central Delhi. DLF had in 2007 bought 38 acres of land, better known as Swatantra Bharat Mills and DCM Silk Mills, from DCM Shriram Consolidated and Lohia Group for Rs 1,675 crore. Parsvnath Developers has a housing project at Civil Lines in north Delhi and Subhash Nagar in west Delhi.

When asked about the investment, Bansal said, the project cost is estimated at about Rs 3,000 crore and it would be funded through internal accruals and advances from customers.

The company is currently selling homes in this project in a price range of Rs 1.5-5.5 crore at a rate of Rs 14,000-15,000 per sq ft.

Unity group will sell on invitation the Versace branded flats, the price of which will be decided later.

"The Amaryllis is located overlooking Central Delhi. The residential towers will have views of Connaught Place, Rashtrapati Bhavan, Red Fort, Jama Masjid, Lutyens Delhi and most of the Delhi Ridge," said another company director Govind Aggarwal.

Founded in 1978 in Milan, Gianni Versace SpA is one of the leading international fashion design houses and a symbol of Italian luxury world-wide. It designs, manufactures, distributes and retails fashion and lifestyle products, including haute couture, accessories, jewellery, watches, eyewear, fragrances and home furnishings.

Unity Group is a diversified group with interests in commercial developments, residential projects, educational institutions, hotels, automobile dealerships, marble and healthcare.

The group has delivered more than 10 million sq ft of commercial, retail, hospitality and institutional spaces till now. It has more than 100 real estate developments across Delhi and is currently working on more than 20 million sq ft of developments in Delhi.

It has recently delivered two multi-level car parking with retail projects in collaboration with DMRC (Delhi Metro Rail Corporation) namely Unity One, Janakpuri and Unity One, Rohini.