UNITECH SELLS RS 5,550-CR PROPERTIES IN APR-DEC

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* 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:0in; mso-para-margin-bottom:.0001pt; 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; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} Unitech,the country’s second-largest developer , sold over 13 million sq ft in theApril-December period. This is more than a four-fold increase over the 3million sq ft it sold in the whole of 2008-09. The value of sales booked during the nine-month period isabout Rs 5,550 crore, the company said in a corporate presentation. Over 80 percent of the sales are in the residential category. “The financial year 2009 was one of the slowest periods forproperty sales and we booked very limited number of properties. But propertysales have certainly picked up (since then), and this is reflected in ournumbers,”’ a Unitech spokesperson said. The company’s average realisation per square foot was Rs4,225. In the case ofresidential properties , the realisation was Rs 3,733, while it was Rs 6,401in the case of commercial. Last year, the average realisation was Rs 4,000 persq ft, which yielded sales of Rs 1,200 crore for the company. In the Decemberquarter alone, the company said it had booked properties of around 3 millionsquare feet. An executive said Unitech would now easily reach its annual salestarget of Rs 6,000 crore. Unitech’s net profit had halved during September quarter ofthe current financial year at Rs 177.6 crore, compared with Rs 358.92 crore inthe corresponding quarter of the previous financial year. Developers such as Unitech, DLF and others faced slowersales since the second half of 2008, as buyers deferred home buys to save cash during the economic slowdown. However, developers are seeing arevival in the property sales as the economy picks up An executive from the country’s largest developer.   DLF said the company had booked propertiesworth Rs 1,000 cr in the month of December alone, which was a record in itshistory. Unitech, which sold such assets as hotel properties andoffices to reduce mounting debt, said it was working to complete past projectsby Mar 2011 and was adding 5,000 workers every quarter to completeconstruction. The company currently has 22 million sq.ft in variousstages of construction across 31 projects , it said in the presentation. The stock of Unitech gained 4.39 percent at Rs. 90.40 ashare by close of Monday’s trade on the Bombay Stock Exchange. Courtesy:- BS dt:- 12-Jan-2010  

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