Unitech,invest,000,this,year,N business, insurance Unitech to invest Rs 2,000 cr this year


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Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-priority:99;mso-style-qformat:yes;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin-top:0in;mso-para-margin-right:0in;mso-para-margin-bottom:10.0pt;mso-para-margin-left:0in;line-height:115%;mso-pagination:widow-orphan;font-size:11.0pt;font-family:"Calibri","sans-serif";mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;}The announcement comes a day afterthe Reserve Bank increased the short-term lending rate which may make homeloans costlier by up to one percentage point.Unitech has also fixed a target toachieve a 20 per cent growth in sales booking this fiscal to about Rs 5,500crore as it plans to launch more projects this year in cities where it isalready present as well as new locations."We have a land bank of about Rs7,500 acres across the country. We want to monetize our land bank and thereforethe company has decided to focus this year on getting approvals for moreprojects and then launching it," Unitech Vice President (CorporatePlanning and Strategy) R Nagaraju said.He said the company has earmarked aninvestment of Rs 2,000 crore in the current fiscal year on construction againstRs 1,500 crore during last fiscal.Nagaraju said the company haslaunched 14 projects since January and plans to bring more this fiscal.In February, Unitech had announcedthat it would launch 10 million sq ft of area in next six months, out of whichthe company has so far launched three million sq ft.The company plans to enter new citieslike Hyderabad, Cochin, Bangalore, Dehradun and Cochin by September."We are aiming for about 20 percent growth in sales booking in 2011-12 fiscal from about Rs 4,500 crore lastfiscal," he said and claimed that the company's sales booking have notbeen affected because of controversies related to 2G telecom scam. Article Tags: Sales Booking

Unitech,invest,000,this,year,N

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