Life Insurance Corporation of India (LIC) is planning to take physical possession of a 350-acre land parcel owned by Unitech in Noida and Gurgaon if the real estate firm fails to clear its debt of Rs 150 crore to the Government-owned insurance major. Meanwhile, in a bid to repay its debt, realty major Unitech sold almost 10 acres of land in Bangalore and Mysore for about Rs 100-130 crore.
Also, on the cards is the sale of hotels in Noida and Gurgaon. The company hopes to raise Rs 1,000 crore in the short term through these sales.
Unitech, being one of the leading real estate companies, has several business segments relating to residential, commercial, Information Technology (IT) parks, retail, amusement parks, etc, with over four decades of achievement and continues to be a prominent player with high degree of quality and affordable real estate in the Indian market space.
