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Unitech bags India's biggest land deal
Published on Wed, May 24, 2006 at 22:24, Updated on Thu, May 25, 2006 at 17:21 in Business section
Tags: Unitech, Greater Noida , New Delhi
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New Delhi: A Rs 1,582 crore for 340 acres of land in greater Noida - Unitech's recent deal is being pegged as the biggest land deal in the country.
Unitech, which won the bid for its single largest real estate development project, will build a premium residential township in Greater Noida. But opposition to the sale is yet to die down.
Company sources say Unitech will be starting construction in six months time, a process that detractors say is likely to disrupt the peaceful slumber of Express City.
Unitech is to build premium apartments that would to be ready in a time frame of three years. But before that, a public litigation in the Allahabad High Court against the sale, will have to be disposed off.
However, the litigation is not the only roadblock. Local traders, who are annoyed at the Rs 500 crore turnover bidding norm, will also have to be pacified.
A square metre of land in the area costs nearly Rs 11,000
Veteran property dealers like Colonel Rajesh Kwatra believe it has been a win-win deal for Unitech. "It is quite a reasonable and competitive ratebecause they have auctioned in the open tender. Unitech has got a good deal, they will make money," he says.
Property prices in the area range between Rs 30,000- 35000 a square metre. So has Unitech got the land cheap?
"You have to compare it to the market. In the market why this land s reasonable because prices are higher in the surrounding area, but that is a developed land, and this is not a bid which has not gone out of whack, like other bids," says Anshuman Magazine.
Half the land is reserved for open areas like parks. Unitech will develop the entire infrastructure, from roads to backup power and other civic amenities. But before that, they will have to overcome the legal hurdle.
(With Archana Khatri)
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