Unitech to invest Rs 500 crore for 'The One' project in Sector 69, Gurgaon

Unitech to invest Rs 500 crore for 'The One' project in Sector 69, Gurgaon


The One - Residential Project of six towers having two flats on every floor in Sector 69, Gurgaon by Unitech.

Real estate major Unitech has decided to invest over Rs 500 crore on developing a luxury housing project in Gurgaon, which it was announced a few months back. 'The One' project will house around 300 flats, at the starting price of Rs 4.5 crore, a report said.

Unitech is expecting an estimated sales revenue of Rs 1,500 crore from the project once it is completed by 2017.

This is a very ambitious project for the company. It is being developed on an area spread over 16 acres. Unitech will invest over Rs 500 crore to develop the entire project.

The project, comprising six residential towers, is being developed at Sector 69 in Gurgaon and will be completed in little over four years of time. The company started the construction about six months ago and more than 10 percent of the work has already been completed.

The company is going very aggressively on the project. It has already spent Rs 60 crore on construction of The One. All the funding will be done through internal accruals and sales revenue.

The One is a premium product of Unitech.

Sources said meanwhile that prices of the flats will start from Rs 4.5 crore. The average size of the flats will be around 4,500 sq ft.

The company will construct six towers in the project and each will have two flats on every floor.

The National Capital-based Unitech has total land bank of around 6,500 acres and is developing about 100 projects across the country.

In December, developers including Supertech, Ansal API and Mantri Realty had announced investments of nearly Rs 8,000 crore on various projects over the next four years, signalling bounce back of the real estate sector after a prolonged slowdown.

In addition to this, Mantri Realty had said last month that it plans to launch six housing projects within next 3-4 months to develop around 2,300 flats across the country, entailing an investment of about Rs 1,500 crore in the next three years.