Unitech back in market after five months

Unitech, India’s second-largest real estate developer, has launched two projects after a gap of nearly five months, indicating improved consumer confidence and finalisation of a strategy in response to a slump in demand.

The Sanjay Chandra-owned company launched a 1 million square feet mid-income housing project in Gurgaon’s Sector-47 on February 28 and a commercial project in Mumbai with its joint venture partner.

The launches follow the sale of the company’s Gurgaon hotel property for Rs 230 crore, restructuring of short-term debt and final-stage negotiations for sale of 225,000 square feet office property in South Delhi.

The prices offered, Rs 29-42 lakh per flat, are almost half the secondary market prices of such properties in the vicinity, according to Unitech’s head of strategy and planning, R Nagraju.