"We have bagged 100 acres of land at Greater Noida on which around 4,500 apartments will be constructed," Sanjay Chandra, MD, Unitech told PTI.
He said the company would invest Rs 1,800 crore towards the development of the project, which includes Rs 556.44 crore (Rs 5.56 billion) paid to the Greater Noida Authority as part of the land deal.
On source of funding the project cost, Chandra said it would be met through a combination of internal accruals, advance sales and a Rs 500 crore (Rs 5 billion) debt.
With the recently acquired 100 acres of land for residential purpose, Unitech now boasts of having involved in real estate development activities, over 251 acres of land at Greater Noida.
The 100-acre land deal on August 5, comes close on the heels of the Rs 1,583 crore (Rs 15.83 billion) deal which the company bagged for 340 acres from the Noida Development Authority, a few months back.
The construction work for the eight million square feet residential project in Greater Noida is expected to be over in next four-five years. The Greater Noida residential project would also include convenience malls, fitness centres, nursing homes, clinics and schools.
Out of the total land disposal of Unitech at Greater Noida, 176 acres would be utilised for residential purpose while the rest of 75 acres has been earmarked for an IT park project, he said.
