Unitech in talks to sell two hotels in NCR for about Rs 600 crore
Jan 16, 2014
Source : The Economic Times

 

DELHI: Realty major Unitech plans to sell its two hotels in Noida and Gurgaon for an estimated Rs 600 crore as part of the strategy to divest commercial properties.

According to sources, the company has decided to sell two hotels and it is in talks with the potential buyers.

Unitech has an operational hotel in Gurgaon comprising 200 rooms, while it is constructing a 250-room hotel in Noida.

"Unitech has put Gurgaon and Noida hotels on the block. Hotel sales can fetch about Rs 600 crore," a source said, adding that transactions are likely to be completed by end of this fiscal.

When contacted, Unitech spokesperson declined to comment. In 2009, Unitech had sold its prime office complex at South Delhi for over Rs 500 crore and also a budget hotel in Gurgaon for about Rs 200 crore.

The company's share price today rose by 5.22 per cent to close at Rs 14.10 apiece on BSE.

Apart from these two hotels, Unitech Corporate Parks, a Unitech group firm listed in London, is negotiating with the private equity firm Blackstone and Singapore's sovereign wealth fund GIC to sell its IT special economic zone (SEZ) in Gurgaon for about Rs 2,700 crore.

Unitech is developing an IT SEZ 'IST Infospace Gurgaon' with leasable area of 3.6 million sq ft. UCP holds 60 per cent in this project, while Unitech has the remaining stake.

It is also in talks to sell some land parcels in its townships in South India estimated at around Rs 400 crore.

Latest Realty News

Unitech to sell two hotels near Delhi, land parcels in southern cities
Jan 16, 2014
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.
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.

Latest Realty News Of State

Realty Talk's