Unitech sells properties worth Rs 850 cr since March

The country's second-largest realty firm, Unitech, which has decided to focus on affordable housing to improve sales, has sold properties worth Rs 850 crore in last two-and-half months despite slowdown in the realty market.

The company has launched projects worth Rs 3,500 crore since March, of which it has been able to achieve sales of about Rs 850 crore till May 15, Unitech said in a presentation to its investors.

The Gurgaon-based firm has sold 2.5 million sq ft of area till May 15 out of 9 million sq ft that has been launched. These projects, most of which are residential, are located in Gurgaon, Noida, Mumbai, Kolkata, Mohali, Chennai and Lucknow.

Company officials said over 2,000 units have been sold during this period, which reflects that demand is there in the market if products are offered at right price.

In order to improve cash flow, the company has decided to maximise volumes instead of maximising realisation by focusing on developing affordable housing.

"Through a combination of reduction in costs, decrease in unit size and reduction in margins, Unitech has been able to offer housing at prices affordable to a wider cross section of customers," the company said.

Unitech had recently announced that it would launch more than 40 projects, having a saleable area of 30 million sq ft, across all major cities in the country this fiscal. It has commenced launch of projects priced below Rs 20 lakh and plans to offer products priced around Rs 10 lakh.