: Construction firm Unity Infraprojects today said it will develop two mixed-use housing projects aimed at middle-to-high income segments in Kolkata and Bengaluru with an investment of around Rs 500 crore.
"We have already acquired 37 acres of land in these two cities. Work on the projects will kick off next quarter," company Chief Operating Officer Yogen Lal told.
The total cost of developing the projects would be around Rs 500 crore, including Rs 90 crore for acquisition of land.
Unity Infraprojects has two wholly-owned subsidiaries-- Unity Realty & Developers and Unity Infrastructure Assets.
While the former is into real estate development, in the later the company takes up cash contracts on Build-Operate-Transfer (BOT) basis in various segments of the infrastructure sector.
Although the promoters of the company had earlier did some residential projects, none is comparable with the planned two projects in Kolkata and Bengaluru, in terms of size.
Meanwhile, Lal said that Unity Infraprojects is on track to achieve its targetted Rs 4,500 crore orderbook before the end of the current fiscal.
"Our orderbook stood at Rs 4,040 crore as on October 31, 2009. We are also the L1 bidder for around Rs 500 crore worth of projects and as such, very much on track to achieve the targetted orderbook," he said.
Of the total order booked, which Unity Infraprojects hopes to execute over a period of 30 months, 40 percent are from water projects, 38 per cent from commercial buildings and the remaining for building roads.
The company, he said, targets over 35 percent increase in topline and 25 per cent bottomline in the current fiscal over the year-ago period.
In 2008-09, Unity Infraprojects' total income was Rs 362 crore and net profit Rs 21 crore.
First Published: Sunday, January 24, 2010, 12:57