Unitech to develop India's largest residential township in Noida.

Unitech is ready to make a with the launch of India's largest residential township in Noida.

The Unitech Grande will come up at an area that is spread over 340 acres on the Noida-Greater Noida Expressway.

Last year, Unitech managed to outdo DLF when it bagged the land for Rs 1,583 crore, making it India's largest land deal. Around three-years from now, Unitech completes its project and the residential township will have a 9-hole golf course and 80 highrise buildings with the tallest being 50 storeys high.

But what's surprising is that at a time when most analysts are talking about a price correction in the real estate market. Unitech has gone ahead and launched the project at a 50 per cent premium over the going rate in this area.

Unitech to launch Noida project at Rs 7,750/sq ft. Omaxe, and Eldeco are selling at Rs 5,000/sq ft. While three years back, going rate there was Rs 1,700/sq ft.

But with each flat in this project costing a minimum of Rs 1.5 crore, is there a market for such super luxury projects? Experts say that going ahead it is quality that will drive the market.

As the realty space gets more and more competitive, what remains to be seen is how long will the DLF euphoria grip the stock markets and with bigger and bigger projects being rolled out, how will valuations change for these real estate players in the months to come.


Source: www.ndtvprofit.com