Unitech sells 74 acre land in three cities

27 Jun 2017

Realty firm Unitech has sold 74 acre land in Gurgaon, Chennai and Hyderabad for Rs 260 crore to boost its cash flow and complete ongoing projects. The Gurgaon-based developer has sold 41 acres in Hyderabad for Rs 160 crore, 19.05 acres in Chennai for Rs 67 crore and 13.55 acres in Gurgaon for Rs 33 crore. These land parcels were sold during the second half of 2016-17.

On the operational front, the company has sold 2.75 million sq ft for Rs 851 crore last fiscal against 1.28 million sq ft for Rs 963 crore in 2015-16. The decline in sales value despite rise in volume was because of a sharp fall in average realisation to nearly Rs 3,100 per sq ft from Rs 7,500 a sq ft during 2015-16.

Out of the total sales, the commercial segment contributed 2.24 million sq ft for Rs 673 crore while housing segment, which is affected the most, accounted for only 0.51 million sq ft for Rs 178 crore. City-wise, the company achieved maximum sales in Gurgaon at Rs 747 crore out of the total Rs 851 crore.

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