Will invest Rs 2,500 cr in Housing: Unitech

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New Delhi, Dec 18: India's second biggest realty firm Unitech Ltd on Thursday, Dec 18 announced its plan to invest Rs 2,500 crore to launch 10,000 residential units in Rs 30-50 lakh category by the next fiscal. It is also planning to launch affordable housing projects in Gurgaon, Noida, Greater Noida, Kolkata and Chennai where it has land banks. Ramesh Chandra, the Unitech Chairman said, "We have land at various places. We are in a position to launch a number of projects."

When asked about the number of housing units the company plans to launch he said, "It could go up to 10,000 units by next fiscal. It will need an investment of Rs 2,500 crore on construction. Land anyway I have it". Chandra noted that affordable housing is determined by two things that is market conditions and location. He also said that the company would not launch any luxury housing project in the near future seeing the present market condition.

Earlier this month, the company had announced investing about Rs 2,500 crore to develop 35 hotels across the country over the next seven years. Unitech also plans to raise up to Rs 2,500 crore through sale of some assets and equity to retire part of Rs 8,000 crore debt by March, 2009.

OneIndia News (With inputs from Agencies)

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