Unitech Eyes Bangalore for 250 Crore Project

New Delhi: Real estate major Unitech said it eyes a sales realisation of about 250 crore over two years from the luxury housing project in Bangalore.

The company announced the launch of its luxury villas project 'Aranya'. It plans to develop 68 villas in the 15-acre project. The villas sizes range from 4,319-7,000 sq ft.

"The project is in line with the rising demand for the luxury living propositions in Bangalore... We expect to generate sales booking of 250 crore from the project over two years," Unitech President V K Chadha said in a statement.

Unitech's consolidated net profit stood at 55.22 crore for the third quarter ended December, while net sales was 513.90 crore.

The company's net debt reduced by 383.59 crore in the first nine months of the current fiscal and stood at 5,190.26 crore as on December 31, 2011.

In the first nine months of this fiscal, Unitech sold 5.4 million sq ft for a sales value of 3,029 crore, while it launched projects totalling 7.17 million sq ft of area.