Unitech Ltd, the second-largest real estate developer in the country, has launched its new residential project in upscale Worli (the project is part of a slum rehabilitation scheme), at a massive 36% discount to the prevailing market price.
Actually it's not cutting too much, if one scans the finepint, the potential buyers have to pay 75% of the cost of the flat upfront. Unitech will begin work on the project only by September 2010. And if it doesn't by that time, it will pay 11% interest rate on the upfront deposit.
The Worli project would be launched at Rs 12,800-13,800 per square feet, compared with a prevailing market price of around Rs 20,000 per square feet. The unit size would range anywhere between 1,750-3,750 sq feet for 2-3 bedroom flats, meaning each flat would cost between Rs 2.5 crore to Rs 6 crore. The pre-launch sale is expected to start next month before Diwali.
crackcrack
