Unitech sells property worth Rs 4,000 crore

Unitech Ltd, the country's second largest realty firm, has sold properties worth about Rs

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4,000 crore, which includes nearly two-third from housing segment, at its projects launched since March this year.

In the last seven months, the company has launched more than 30 projects, with a saleable area of 21.3 million sq ft. Out of this, it has already sold 10.11 million sq ft of area.

"Approximately Rs 4,000 crore of sales booked (since March)," Unitech told investors in a presentation.

Housing demands, which was hit during the second half of last fiscal due to global economic recession, have improved since April owing to cut in interest rates on housing loans and builder increased focus on low-cost apartments.

Out of 10.11 million sq ft area sold, housing segment, which is witnessing signs of revival, accounted for about 80 per cent. The company said it sold residential units worth Rs 2,639 crore during this period, while remaining Rs 1,274 crore came from non-residential projects.

Unitech, which at present is developing more than 60 projects across 10 cities, said it would deliver 32 million sq ft of area (22 million sq ft past and 10 million sq ft new) over the next three years.

The company told investors that it was working towards completion and delivery of past projects by March 2011.

"To expedite delivery of projects, we have ramped up the workforce on project sites by more than 300 per cent in the last six months," it said.

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