Unitech eyes Rs 400 crore sales from new housing project at Noida

NEW DELHI: Realty major Unitech expects a sales realisation of Rs 400 crore over the next 2-3 years from a new premium housing project in Noida.

Unitech, the country's third largest realty firm, launched a seven-acre housing project 'Exquisite' in Noida last week.

"We will develop 312 luxury apartments in this project. We expect to generate sales-booking of Rs 400 crore over a period of 2-3 years from this project," Unitech Vice President (Corporate Planning) R Nagaraju said.

The price of apartments would be about Rs 1.2 crore, he said, adding that the sizes of the flats would be ranging from 2205-2450 sq ft.

He said the demand for luxury homes has been rising in Noida because of good infrastructure and better connectivity to the national capital.

During April-June quarter, Unitech sold 1.51 million sq ft of area, out of which 59 per cent was contributed by Noida and Greater Noida where it is constructing about 10 projects including a 350 acre township.

In value terms, Unitech sold properties worth Rs 701 crore during the first quarter of this fiscal, of which housing contributed sales of Rs 607 crore.

"We are currently focusing on execution of projects," Nagaraju said.

On debt, he said the company is continuously reducing the debt from internal accruals. In last fiscal, Unitech cut its consolidated net debt by Rs 325 crore to Rs 5,399 crore.

Last month, the company reported a 53 per cent decline in its consolidated net profit at Rs 45.88 crore for the quarter ended June 30 against Rs 98.36 crore in the year-ago period.
Total income fell by 36 per cent at Rs 442.28 crore in the first quarter of this fiscal as against Rs 686.83 crore in the corresponding period of last year.