Unitech to launch 10 mn sq ft area at Rs 2,000 cr

Realty major Unitech today said it will launch 10 million sq ft of area in next four months, at an estimated construction cost of Rs 1,500-2,000 crore.

"We will launch various projects across the country with a saleable area of 10 million sq ft. The majority of the projects would be mid-segment housing," a senior company official said.

The company would incur a cost of Rs 1,500-2,000 crore over the next three years on construction of 10 million sq ft of area.

In a presentation to the investors, Unitech said it has sold 7.9 million sq ft of area in the first nine months of this fiscal for Rs 3,348 crore.

The company is targeting to sell 10 million sq ft of area at a sale value of Rs 5,000 crore, it added.

Unitech has posted a 36.73 per cent dip in consolidated net profit for the October-December period of 2010 at Rs 111.36 crore due to losses incurred by disposal of a capital asset.

The company reduced net debt in realty operations by Rs 555 crore to Rs 4,617.47 crore, as on December 31, 2010.