Real estate building major Unitech in a recent development has sealed a real estate selling deal of its 10 acres land parcel located in cities of Bangalore and Mysore involving an investment worth Rs. 130 crore. These land parcels were non-core assets for the company and the proceeds would reportedly be utilized to lessen its debt burden, said sources adding that in January, Unitech was looking to sell plots in south India for about Rs 400 crore and had planned to divest two hotels in Noida and Gurgaon for an estimated amount worth Rs 600 crore. Unitech has an operational, 200-room hotel in Gurgaon and is constructing a 250-room hotel in Noida. In 2009, Unitech sold its prime office complex in south Delhi for over Rs 500 crore and a budget hotel in Gurgaon for about Rs 200 crore. Unitech Corporate Parks, which is a Unitech group firm listed in London, has been negotiating with private equity players such as Blackstone and Singapore’s sovereign wealth fund GIC to sell its IT special economic zone (SEZ) in Gurgaon for about Rs 2,700 crore. Currently it is building an IT SEZ ‘IST Infospace Gurgaon’ with a leasable area of 3.6 million sq ft whereby UCP holds 60% in the project and remaining portion of the stake is with the Unitech itself.
India News | For International News click here