Under weakening property market conditions, realty major Unitech has been forced to develop its Rs 15,000 crore worth high-end luxury housing project in Noida as an integrated township, aiming to boost sales.
Unitech had launched Unitech Grande project in Noida in July 2007 on a 340 acre plot that it had won in May 2006 by outbidding bigger rival DLF for whopping Rs 1,582 crore.
Earlier, the company had planned to build 5,300 flats targeting high-net worth individuals and NRIs for the ultra luxurious project. But, the buyers for the high-end products have vanished from the property market, which is going through a slowdown, forcing builders to change their product mix.
More : business-standard.com
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Real estate developer Saviour Builders plans to invest up to Rs200 crore to construct a luxury housing complex in Ghaziabad spread over an area of six acres.
We will invest about Rs200 crore in developing this luxury housing complex in NCR and this will be built keeping in mind the global standards Saviour Group Director Sanjay Rastogi said.
The company would fund the project through a mix of debt and equity he said adding: The source of funds for the project is banks and other financial institutions.
More : livemint.com
Realty firm Parsvnath Developers Ltd on Tuesday said it would invest about Rs 15 crore to build a luxury housing project at Moradabad in Uttar Pradesh.
Parsvnath is investing approximately Rs 15 crore in the property for which construction has already started and is scheduled to be completed by 2010 end, the company said in a statement.
The project Parsvnath Residency would offer 34 luxury housing units comprising 66,311 sq ft of saleable area.
More : economictimes.indiatimes.com
The countrys largest real estate developer, DLF, sold apartments worth Rs 1,000 crore in December. This is the highest monthly sale the company has recorded in its history. There are many developers like DLF who have seen a surge in the sale of apartments across the country in the quarter ended December, especially in the luxury and semi-luxury category.
A large chunk of DLFs sales are also from the luxury and semi-luxury segments. It sold 76 apartments of Rs 5 crore each in The Magnolias, Gurgaon, netting nearly Rs 400 crore. The project has apartments of 5,825 sq ft each and
After selling its first hotel property Marriott Courtyard, Unitech Ltd is now learnt to be scouting for a buyer for its serviced apartment project — Marriott Executive Apartments.
Sources indicated that the company has initiated talks with some interested buyers but did not comment on the valuation. The realtor, which is facing a financial crunch, had recently sold its hotel project in Gurgaon for Rs 235 crore to Mr Roop Madan, Managing Director of Delhi-based Sanya Motors. Unitech has received 45 per cent of the payment, while the balance is expected to flow in this month. Sources said the serviced apartment
No frills, Simple homes reads the banner hanging in the Delhi headquarters of Unitech, Indias leading property developer.
Its a mantra that has been taken up by realtors across the country with a new-found passion for affordable housing that owes little to their social conscience and everything to their bottom line.
The global economic downturn ended a four-year property boom in India that had largely been driven by the luxury housing segment and saw a near three-fold increase in residential prices in major cities.
Now developers are turning their attention to middle and lower income buyers and low-cost housing that offers lower profit
