In a bid to complete construction of its joint venture housing project in Chennai, realty firm Unitech has raised around Rs 70 crore from Piramal group. The company is developing about 49 acres project 'North Town' in Chennai in partnership with another realty firm Arihant. About 2,400 flats and villas are being developed.
The company, whose net debt stood at Rs 6,332 crore as on March 31, 2015, is facing problems in some of the housing projects due to delay in delivery. Unitech presently has ongoing projects in Delhi-NCR, Chennai, Bengaluru and Kolkata. It would raise funds in projects where substantial sales bookings have been achieved.