Unitech Corporate Park projects blocked in Gurgaon
Unitech Corporate parks is a listed company on London’s Alternative Investment Market, where developer Unitech holds 40 percent stake.The company has decided to block one of the largest assets in India which has a valuation of RS 3,000 crore.
Coming up is a new information technology special economic park in Gurgaon near Delhi which spreads over 28 acres. This high rise project in Infospace Dundahera was expected to be get completed by 2013.
The project comprises of 1.9 million sq ft of space and it already has pre-lease commitments of up to 64.5 per cent of the lettable area.
Although the valuation of the company has been undertaken by independent valuers, the project was jointly developed by the local landowners and the company where 28 percent of the proceeds will go to the landowner from monetization.
As commented by Donald lake, the non executive chairman of UCP, the board is working for future options of the company and various ways to monetize the assets with the gradual progress. The company is looking forward to maximize the value for shareholders by creating investments and the projects will be taken care by tenant if demand permits.
Five more assets are coming up including two projects in Noida and another in Gurgaon, with same deadline of completion in 2016. Unitech Kolkata has 43.6 percent space property , which has been leased out and expected to be completed by 2021, whereas the Greater Noida project will be completed by 2023.
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