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After playing second fiddle to numero uno DLF in Gurgaon, the low-profile Unitech Group is gradually asserting itself in the real estate market of the national capital region. In May 2006, in an upset of sorts, Unitech got the better of DLF by grabbing 345 acres of prime land in Noida for a whopping Rs 1,582 crore.
Unitech Builder plans to use the Noida land to make 4,000 top-of- the-line apartments priced at Rs 2 crore (Rs 20 million) each. The investment required to build this dream residential project: Rs 3,000 crore (Rs 30 billion). Besides inking this mega deal, Unitech has been on a land-buying spree across the country - from Gurgaon to Kolkata, Kochi, Hyderabad and Chennai - to establish a pan-Indian presence. In the last few months, the Group has created a land bank of over 8,000 acres.
The Unitech Group has emerged as the number one amusement park developer in the country and is developing two amusement parks in Rohini in Delhi, and Noida, spread over 200 acres. The Group is also making a debut in the hospitality sector with a tie-up with hotel major Marriott to launch its Courtyard brand of business hotels in Gurgaon, Noida and Kolkata.
Like many other leading developers, Unitech has also jumped onto the SEZ bandwagon. The government has already cleared one of its projects in Haryana, to be spread over 20,000 acres in Kundli, near north Delhi, focussing on food processing, auto-components and textiles.
