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.