Unitech back in market after five months

Unitech back in market after five months
Business Standard, March 4, 2009, Page 6

BS REPORTER

Unitech, India’s secondlargest real estate developer, has launched two projects after a gap of nearly five months, indicating improved consumer confidence and finalisation of a strategy in response to a slump in demand.

The Sanjay Chandra-owned company launched a 1 million square feet mid-income housing project in Gurgaon’s Sector-47 on February 28 and a commercial project in Mumbai with its joint venture partner.

The launches follow the sale of the company’s Gurgaon hotel property for Rs 230 crore, restructuring of short-term debt and final-stage negotiations for sale of 225,000 square feet office property in South Delhi.

The prices offered, Rs 2942 lakh per flat, are almost half the secondary market prices of such properties in the vicinity, according to Unitech’s head of strategy and planning, R Nagraju.