Unitech targets NRI buyers

Indian real estate major Unitech Ltd announced its latest multi-million dollar residential complex of luxury villas and penthouses coming up in Noida, targeting non-resident Indian (NRI) buyers.

For this project Unitech has acquired 347 acres of land for about Rs 17 billion ($420 million) in May 2006. The cost of construction will be about Rs 60 billion, according to company officials.

"This is the biggest ever land deal in India by any real estate developer. The new project - Unitech Grande - is meant for the high-end luxurious segment as there is a growing need for such type of residential complexes in India," Sanjay Chandra, Unitech managing director, said at a press conference in New Delhi.

"The economy is booming and with the arrival of global luxurious brands in India, the demand for an upscale lifestyle is gradually emerging," he added.

Aimed primarily at the NRIs, the complex is going to have its own golf course, a fitness centre, eight signature towers and four gateway towers which will house the penthouses.

The complex is also expected to house schools, hospitals and shopping outlets.

The size of the apartments will be between 2,200 sq ft and 5,500 sq ft. The total project will be built in four phases over a span of seven years.

During the first phase over 670 units will be built within three years and three months. The complex will have a total of 5,300 units, officials said.

"We have already sold over 25 per cent of the 670 units that will be ready in the first phase of construction, out of which 10 units have been sold to NRIs. As the project gets ready, we will eventually start targeting the corporates," Chandra said.