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Unitech raises Rs 70 crore to complete its housing project in Chennai

29 Jun 2015 Evaluate

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.

Peers
Company Name CMP
Lodha Developers 1038.50
Prestige EstatesProj 1445.00
Dilip Buildcon 375.80
DLF 690.00
Oberoi Realty 1626.00
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