Realty major Unitech Ltd reported a 50% decline in property sales during the first half of the current fiscal due to global market slowdown.
Unitech Ltd.'s Q4 profit plummeted 98% due to high interest rates and property prices impacting demand. The company expects improvement in the current fiscal year with increased funding availability and lower interest rates.
Unitech Ltd seeks to raise up to Rs 5,000 crore through securities issuance, alongside increasing share capital to Rs 1,000 crore amid an ongoing debt reduction strategy.
Unitech Ltd to announce stake sale in telecoms business next week, expects 20%+ revenue & profit growth in FY 2008/09.
Three major realty firms bid on national highway projects to diversify amid a residential real estate slowdown.
Lehman Brothers invests $175 million in a Mumbai mixed-use project with Unitech and local partners. The project includes 1 million sq ft of office space, part of an 18 million sq ft master plan.
Noida Authority invites bids for nine hotels near the Taj-Agra Expressway, reflecting growing demand in the NCR region for hospitality and retail properties.
The Indian real estate sector is optimistic about the recent budget but calls for further action to meet industry demands, with key benefits noted for housing and infrastructure.