Unitech’s latest project launch, South Park, receives strong buyer response.

Unitech Limited India's leading business group having operations in large-scale integrated real-estate development and infrastructure projects has received an overwhelming response for its Unitech South Park project, Gurgaon, with over 300 bookings garnering almost Rs 200 Crores. It has completely sold out Phase I of the project that is targeted at mid income group.

 

Located in Sector 70, Gurgaon, on 150 metre wide Southern Periphery Road, Unitech South Park has excellent connectivity to NH-8 and Golf Course Road. The project in its 1st phase will have G+13 floor towers with a mix of 2 and 3 bedroom apartments in sizes 1245 sq. ft. – 1610 sq. ft. Each apartment will have imported marble in living and dining rooms apart from split AC units in all bedrooms, living and dining rooms. Each apartment will come with 100% power back up facility.

 

The successful launch of Unitech South Park follows the successful launch of the 1st phase of Unihomes, Rewari, as part of Unitech Township project, during the last week of February 2011. Unitech has already received 200 bookings since the launch of the 1st phase of the project.

 

Located in Sector – 15, Rewari, this project will have residential and commercial developments along with schools and superior medical facilities. Unihomes, Rewari will have a mix of affordable independent 2BHK and 3BHK floors in sizes 953 – 1646 sq. ft. Spread over 83 acres, it is located on the proposed 45 m wide road which will connect to Narnaul highway and also to Bawal Industrial Area which is an upcoming growth centre being developed by the HSIIDC with almost Rs 7000 Crs of investment in the adjoining Industrial Centre.

 

Commenting on the development Mr. Sanjay Chandra, Managing Director, Unitech Limited said, “We are very pleased with the customer response to the new project launches. These launches are in line with our business plan to launch almost 10 msf in the next few months. The demand and pricing environment of the residential product is stable and there has also been a marked improvement in the demand for office spaces. We are working on a wide array of projects to tap this growing demand.”

 

Unitech Ltd has been steadily improving its cash flows on the back of improved realization from Operations. It has also reduced its net real estate debt by Rs. 555 crore in the 3rd quarter of FY 2011. Its real estate net debt equity ratio now stands at 0.40 which is among the lowest in the industry. Its debt profile has improved vastly in the last few quarters with the average maturity of debts at around 3 years. Being comfortable from a financial leverage perspective, the Company is aggressively focusing on its core operations ~ Launches, Execution and Delivery of Projects. Delivery of finished products has commenced in most of the pre-March 2009 projects and is expected to accelerate in the coming months.