Unitech is selling their Noida plot to reduce their debt
The Real estate developer Unitech is selling the 17.5 acres of land in Noida’s Sector 144 to the locak builer Gulshan Homz for a price of Rs 400 core as two people involved in the deal stated. The developer is hopefully going to use the money to reduce the debt that stood at Rs 6,316 crore at the end of March.
The company has been in the process of selling many numbers of assets to reduce the debt it has incurred. Gulshan Homz’ director Deepar Kapoor confirmed about the deal but did not disclose the amount that was involved in the selling.
The company has been planning to launch a residential housing project on the land around which it is already having two projects under construction phase. A spokesman for Unitech has declined to comment on the matter. Unitech had recently sold of 40 percent stake in the four of six assets of Unitech Corporate Parks to the Canadian firm Brookfield Asset Management. Apart from Unitech’s stake in the assets, Brookfield has also acquired the stakes from the other UCP shareholders in a total deal that has been valued at about Rs 3,500 crore.
Source: The Economic Times
Brookfield Asset Management, Canadian firm Brookfield Asset Management, Gulshan Homz, Real-estate developer, Unitech
