Unitech had sold its office building for Rs. 440-450 Crores to an unknown property investor which is in Saket in New Delhi, after having more than 5-6 months discussions with many potential purchasers. Unitech MD said to www.propertykhazana.com that, “The deal amount is more than Rs. 550 Crores,” but did not reveal the purchaser’s name. The purchaser is a Delhi based entrepreneurs who proposed to lease 2.5 Lakhs Sq.ft building to other firms. The deal amount is around Rs. 440-450 Crores and the building is set and before it was thought to open Unitech’s corporate office which is in Gurgaon. Sources reported at the www.propertykhazana.com said that Unitech is anticipating Rs. 550 Crores for the office building, before was in discussions with HDFC to sell. The fiscal institution declined holding discussions with Unitech on this, but said that Saket property was hypothecated for the loan of Rs. 30 Crores.
The slowdown in the realty segment and strange level of debt that Unitech has gathered on its balance sheet coerced the firm to put many of its properties, comprising the Saket office building and the Gurgaon hotel for sale. Leaving its deleveraging process, Unitech also drive in to a QIP to rise Rs. 1,700 Crores, the firm has proclaimed that it plans to raise more equity to enhance its debt to equity ratio which aids in reducing the cost of funds for the firm. Company executive said to www.propertykhazana.com that, “Unitech will also give notice to the promoters who all are planning to invest up to Rs. 1,500 Crores in Unitech to rise their share.” The properties of Chandra Family have come down from 65% to 52% post-QIP. For more updates on realty market browse www.propertykhazana.com.
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