New Delhi: With the revival of sentiment in the property market, real estate major Unitech is investing over Rs 500 crore on developing a luxury housing project in Gurgaon.
'The One' project will house around 300 flats, at the starting price of Rs 4.5 crore.
According to sources, Unitech is expecting an estimated sales revenue of Rs 1,500 crore from the project once it is completed by 2017.
"This is a very ambitious project for the company. It is being developed on an area spread over 16 acres. Unitech will invest over Rs 500 crore to develop the entire project," a source said.
The project, comprising six residential towers, is being developed at Sector 69 in Gurgaon and will be completed in little over four years of time.
The company started the construction about six months ago and more than 10 percent of the work has already been completed.
"The company is going very aggressively on the project. It has already spent Rs 60 crore on construction of The One... All the funding will be done through internal accruals and sales revenue," said a source.
Once completed, Unitech is likely to generate a sales revenue of about Rs 1,500 crore from the project.
When contacted, a company spokesperson said: "The One is a premium product of Unitech. We are happy with the encouraging response from customers for The One."
He declined, however, to share any further detail on the project.
Sources said meanwhile that prices of the flats will start from Rs 4.5 crore. The average size of the flats will be around 4,500 sq ft.
The company will construct six towers in the project and each will have two flats on every floor.
The National Capital-based Unitch has total land bank of around 6,500 acres and is developing about 100 projects across the country.
In December, developers including Supertech, Ansal API and Mantri Realty had announced investments of nearly Rs 8,000 crore on various projects over the next four years, signalling bounce back of the real estate sector after a prolonged slowdown.
In addition to this, Mantri Realty had said last month that it plans to launch six housing projects within next 3-4 months to develop around 2,300 flats across the country, entailing an investment of about Rs 1,500 crore in the next three years.