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Unitech to invest Rs 2,500 crore to build affordable homes

Unitech plans to invest Rs 2,500 crore to launch 10,000 residential units in the Rs 30-50 lakh category by the next fiscal. The company would launch affordable housing projects in Gurgaon, Noida, Greater Noida, Kolkata and Chennai, where it has land banks. “We have land at various places. We are in a position to launch a number of projects,” Unitech chairman Ramesh Chandra said. On how many 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.” The housing units would be offered to customers in the range of Rs 30-50 lakh, Mr Chandra said, adding that the company would launch the housing projects taking into account the affordability of that particular city. Mr Chandra said affordable housing is determined by two things — market conditions and location.

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