Unitech To Invest 1,880 Crore In New Projects

To keep pace with the sales growth, Unitech Ltd is looking to aggressively ramp up its lagging construction activities in the next two fiscals. The developer booked a project cost (total construction cost) of Rs1, 340 crore in the fiscal 2008-09 and a total project cost of Rs 3,030 crore in fiscals 2007-08. However, the realtor has just booked project cost of Rs170 crore in the first half of 2009 even as it has sold projects valued at over Rs 4,000 crore. To match cost to sales, the company will develop 10.5 million square feet in the fiscal 2011 and 19.2 million sq ft in fiscal 2012 by investing Rs1,880 crore and Rs3,520 crore, respectively as costs for construction activities. It said that it has been able to post sales of 10.11 million sq ft during March-September from over 30 new launches in various cities including Mumbai, Gurgaon, Noida, Chennai, Kolkata, Bhopal, Lucknow, Mohali and Bangalore.