Unitech Ltd is on the brink of a transformative resurgence, with its 1,000-acre idle land bank including in prime urban hubs like Noida and Greater Noida poised to unlock ₹2 lakh crore in revenue. As India’s real estate sector grows from $332.85 billion in 2025 to $985.80 billion by 2030 at a 24.25% CAGR, Unitech’s high-value residential, commercial, and recreational assets are ideally positioned to capitalize on this growth.
The newly built Noida International Airport (Jewar), once fully operational, will be a game-changer, driving 20–30% annual property price appreciation in Noida and Greater Noida through enhanced connectivity and economic activity.
The Noida Land Portfolio: A Massive Opportunity
Unitech’s land bank of 347 acres in Noida Sectors 96, 97, and 98 holds immense potential, with residential projects alone poised to generate approximately Rs. 88,000 crore in revenue. Earlier approved Plans included more than 7,000 apartments, averaging 5,000 square feet each, with today’s minimum market value of Rs. 25,000 per square foot, could exceed Rs. 85000 crore in total sales revenue alone. Additional value from commercial and recreational zones further enhances the revenue potential of these prime assets. This land is earmarked for residential (52% saleable), institutional (12%), recreational (38%), and public park developments.
However, the new management caused immense delays in its delivery process to homebuyers, when it proposed to change the already approved layout plan by entering into a long legal battle of getting approvals from Noida and in its proposed Resolution Plan (RP) undervalued this portfolio at just Rs 5,641 crore—a fraction of its true potential.
Broader Land Holdings: A Vast but Underutilized Asset
Unitech’s land portfolio extends far beyond Noida, with significant parcels in Greater Noida, Agra, Varanasi, and urban hotspots like Gurgaon and Chennai. Managed through over 100 subsidiaries, these land banks total over 500 acres across key regions:
- Greater Noida: 76 acres across projects like Heights, Horizon, Cascade, Habitat, and Verve.
- Agra: 245.99 acres of net land available after adjustments for acquisitions by the Agra Development Authority.
- Varanasi: 243.87 acres of net land available with the company.
By comparing it with its peer Godrej Properties, which recently acquired 30 acres in Pune for residential development, with an estimated revenue potential of approximately ₹7,300 crore, Unitech Ltd.’s land bank of approximately 1,000 acres across India has the potential to generate a minimum revenue of ₹2 lakh crore by taking conservative estimates, reflecting its significantly larger scale and development opportunities.
Financial Demands and Liabilities: A Roadblock to Revival
Adding to Unitech’s woes are financial demands from the Noida and Greater Noida Authorities, totalling Rs 11000 crore as on date. Due to settlement delay, these include interest, penal interest, lease rents, farmers’ compensation, and time extension charges—demands Unitech deems excessive and legally baseless. The company argues that a fair assessment would reduce its liability to Noida to Rs 505.80 crore, with no dues owed to Greater Noida. Adjusting these figures could restore stakeholder confidence, improve financial statements, and support the revival of stalled projects.
A Ray of Hope: Recent Developments
Despite the challenges, recent developments offer a glimmer of hope. In July 2024, the Noida Authority approved layout maps for housing projects in sectors 96, 97, and 98, allowing construction to restart after a 15-year hiatus. This move could unlock significant value, especially given Noida’s rising real estate demand. Additionally, in January 2025, the Supreme Court granted Unitech exemptions from RERA registration for projects across seven states, including Noida. This exemption facilitates loan disbursements for homebuyers, potentially improving cash flow and enabling project completion.
The Path Forward: Transparency and Action
Unitech Ltd. stands at a crossroads. As per conservative estimates, the land portfolio, valued at over Rs 2 lakh crore, holds immense potential to revive the company, deliver homes to waiting buyers, and restore stakeholder confidence. However, this can only be achieved through transparent governance, accurate asset valuation, and a focused effort to complete stalled projects.
Once the Unitech leverage its vast land banks, it could reclaim its position as a leader in India’s real estate sector.
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