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Construction : Web Exclusive | May 2013 | Source : Construction Update

Unitech's luxury housing project to come up in Gurgaon

Real estate major Unitech is investing over Rs 500 crore on developing a luxury housing project in Gurgaon 'The One' project will house around 300 flats, at the starting price of Rs 4.5 crore. According to sources, Unitech is expecting an estimated sales revenue of Rs 1,500 crore from the project once it is completed by 2017. It is being developed on an area spread over 16 acres. Unitech will invest over Rs 500 crore to develop the entire project, a source said.

The project, comprising six residential towers, is being developed at Sector 69 in Gurgaon and will be completed in little over four years of time. The company started the construction about six months ago and more than 10 per cent of the work has already been completed. The company is going very aggressively on the project. It has already spent Rs 60 crore on construction of The One... All the funding will be done through internal accruals and sales revenue, said a source.

Once completed, Unitech is likely to generate a sales revenue of about Rs 1,500 crore from the project.

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