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Shareholders says no to infrastructure expansion, Unitech to continue only with housing and commercial projects

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The shareholders of the major Indian realty player Unitech Limited has approved to put the infrastructure expansions on hold and also to cancel the clubbing of its 2 sister concern firms because of the macroeconomic condition. in the meanwhile, Unitech has been approved by its shareholders to on go with the existing and forthcoming housing and commercial ventures.
The present scenario is not that favoring the real estate market and the post downfall has made all the realty giants to think a while before getting into the projects. As we @ www.propertykhazana.com updated that many hospitality projects are now on hold and Unitech is not under exemption. This is a good move by the board of directors says the real estate pundits. Presently reported by the sources, Unitech holds a small partnership with Telenor for a telecom project executed jointly and this particular sector is now majorly hit by the 2G scam putting many involved behind the bars. Not wrong in mentioning Sanjay Chandra the Managing Director of Unitech is also a main accused in the scam is also in the CBI custody.
Source: NIMMA BENGALURU

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