Real estate major, Unitech is investing over Rs 500 crore in developing a luxury housing project ‘The One’ located in Gurgaon. The project is being developed on an area spread of over 16 acres and will house around 300 flats. The average size of the flats will be around 4,500 square feet and will command the starting price of Rs 4.5 crore. The project, comprising six residential towers where each tower will have two flats on every floor, is being developed at Sector 69 in Gurgaon and will be completed in little over four years of time.
The company had started the construction about six months ago and more than 10% of the work has already been completed. It is going very aggressively on the project and has already spent around Rs 60 crore on construction. The company will be funding the project through internal accruals and sales revenue. Unitech is likely to generate sales revenue of about Rs 1,500 crore from the project upon completion.
Unitech has total land bank of around 6,500 acres and is developing about 100 projects across the country.
| Company Name | CMP |
|---|---|
| Lodha Developers | 856.15 |
| Dilip Buildcon | 455.10 |
| DLF | 592.60 |
| Oberoi Realty | 1707.70 |
| Ahluwalia Contract(I | 887.10 |
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