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Unitech bags largest land development project

Wednesday, 24 May 2006
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Unitech, on 23 May 2006, bagged the largest land development project Express City for Rs.1,582.84 crore. The project will be developed on 340 acres of land at Noida in Gautam Budh Nagar of Uttar Pradesh.

Unitech emerged as the largest bidder in which the company outbid DLF, which had quoted Rs.1,401.46 crore for the prime Noida land, while ICity was disqualified in the technical evaluation stage.

Out of the total 340 acres of land, 300 acre land will be used for residential constructions, 12 per cent for institutional and 18 per cent for recreational parks. The remaining 20 per cent is for roads that will be built as a public-private partnership.

The entire project, to be financed entirely through through internal accrurals, is scheduled for completion by 2010.

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