Unitech Ltd, India’s
second-biggest real estate player by revenue, on Tuesday reported it has
booked sales worth Rs 3,913 cr in the first six months of fiscal 2010, selling
10.11 million sq ft, which is almost the same space sold by it in each of
fiscal 2007 and 2008—the boom years for real estate.
Out of 10.11
million sq ft, 8.16 million sq ft was booked in the residential segment, the
company said in a presentation dated September 30, which was made public on
Tuesday. It said that these figures did not cover PLC, parking and club
charges.
“The target
is to sell 20 million sq ft this year,” said a Unitech spokesperson. The
average basic sale price of its projects though has dropped to Rs 3,234 per sq
ft during March-September 2009 compared to an average of over Rs 4,000 per sq
ft for its projects before September 2008, indicating that the company’s
strategy to sell smaller units at lower prices drew response from buyers. Yet,
the company has been able to sell less than 50% of the total space it launched
between March-September 2009. It had launched a total of 21.3 million sq ft of
space (residential and non-residential combined) of which it claims to have
sold 10.11 million sq ft during the period.
In its
presentation, Unitech
said it has sold 6,788 units in its recent projects across nine cities
which has generated Rs 2,639 cr. It has close to 60 projects under various
stages of development and will be delivering close to 32 million sq ft over the
next 3 years. It has launched over 30 new projects in the last 7 months. The
company has increased its workforce on project sites in last six months, from
3,500 on April 1, 2009 to 15,600 on October 1, 2009, to deliver existing
projects by March 2011.
