Unitech to sell two hotels near Delhi, land parcels in southern cities
Jan 16, 2014
Source : The Economic Times


DELHI: Unitech, India's fourth-biggest real estate firm, has put two hotels near Delhi and some land parcels in southern cities on the block as it seeks to raise 800-900 crore to pare debt, two people close to the development said.

The hotels put for sale are the 200-room Country Inn and Suites in Gurgaon and the 250-room Marriott in Noida. While the Gurgaon hotel is operational, finishing work is on at the Noida property.

"The two properties are likely to fetch the company 500-600 crore," one of the people quoted earlier said. The land parcels that the developer is selling are part of three townships that it owns in Bangalore, Mysore and Chennai. Unitech is looking to raise close to 300 crore from their sale.

A spokesman for Unitech declined comment.

Unitech is already in the process of selling a 3.6-million square feet IT SEZ in Gurgaon, which is part of its Corporate Park portfolio. The developer has 40% stake in it. US-based private equity company Blackstone and Singapore's state fund GIC are in the fray to buy the property for around 2,600 crore.

These deals will provide succor to Unitech in the aftermath of its failed telecom joint venture with Norwegian firm Telenor and help it focus on its core business of real estate development, besides reducing debt. In October, Unitech sold its 33.75% stake in mobile phone and accessories distributor Unitech Wireless to Telenor for an undisclosed amount.

The company's net debt rose to 6,240 crore in the quarter to September from around 6,000 crore in the previous quarter.

Like most other real estate companies, Unitech's performance has been weighed down by slow sales and higher costs over the past few quarters, which was reflected in the 48% drop in its consolidated net profit in the quarter to September.

Latest Realty News

DDA set to clear plan for housing projects in outer Delhi
Jan 15, 2014
DELHI: The Delhi Development Authority is close to clearing a plan that could open up new areas in the city for housing projects. DDA's board of directors last week decided to take up final public suggestions on the move before it clears the proposal, probably in its next meeting.
ASK Group set to raise $200 million offshore real estate fund
Jan 15, 2014
DELHI: ASK Group, a diversified financial services group, today announced the first close of $50 million of their $200 million offshore real estate focused fund.
Increased role of project managers in real estate
Jan 15, 2014
DELHI: With the real estate sector getting more organised, the policy makers are addressing the major bottlenecks of the industry. High rate of inflation and the slowdown in the economy are affecting housing development to a large extent. In order to induce maximum efficiency in terms of cost, quality, delivery and profit, many companies are turning towards employing highly skilled project managers who plan, schedule and monitor the progress of projects.
Branded luxury homes for professionals in vogue
Jan 15, 2014
DELHI: Developers put their exclusiveness to high-end residential properties matching the international trends of living.
M3M to invest Rs 3,000 crore on 7 realty projects in Gurgaon
Jan 15, 2014
DELHI: Realty firm M3M will invest Rs 3,000 crore over three years on the construction of ongoing seven projects in Gurgaon.
United Nations Global Compact to frame business practice toolkit for realty
Jan 15, 2014
DELHI: United Nations Global Compact and Royal Institution of Chartered Surveyors (RICS) will develop a toolkit for the land, real estate and construction industry to improve the business practices in this sector.
DIPP may seek cabinet nod for Amritsar-Kolkata corridor
Jan 14, 2014
DELHI: The government plans to revive an industrial infrastructure programme that's aimed at creating jobs and giving manufacturing a push besides having the added advantage of being concentrated in some of India's more politically crucial states, months ahead of a general election.
DDA forms cell for land pooling
Jan 14, 2014
DELHI: The city has got a cell to implement and monitor the land pooling policy. The decision was taken at the DDA's board meeting on Friday. In addition, the Delhi government has been given 60 flats in CWG Village, a cause of friction with the land-owning agency last year. Addressing another major concern, the conversion of property from leasehold to freehold-the LG asked Delhi Development Authority to prepare a timeline for all the departments concerned so that delays and any irregularity can
News of LG Najeeb Jung visit moves DDA in Vasant Kunj
Jan 14, 2014
DELHI: Flat owners in Vasant Kunj and Mukherjee Nagar were amazed as DDA officials took charge and finished work that hadn't moved in six months.
Extend date for payment, say allottees
Jan 14, 2014
DELHI: Fed up with the quality of construction at Ganga Complex in Vasant Kunj, scores of residents are writing to DDA saying it shouldn't expect money for the flats it hasn't provided. DDA developed the flats for their last housing scheme in 2010. In December it had announced that the flats were ready and had asked for the full payment in the demand letter. After getting the letters, several allottees had been visiting the site and were upset with the state of affairs.

Latest Realty News Of State

Realty Talk's