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Home > News > Shriram Properties Unveils Homes For Senior Citizens In Chennai

Unitech Gurgaon SEZ draws attention of potential buyers

Infrawindow News Bureau




Sep. 28, 2013, 02:28 PM

Realty firm Unitech plans to develop 5 IT SEZs in joint venture with Unitech Corporate Parks. Process for monetisation of one of these SEZs, Infospace Gurgaon, is underway as it is at a very advanced stage of development.


Unitech Chairman Ramesh Chandra told shareholders at the annual general meeting which was held at Chhattarpur area in South Delhi that the company has received strong investor interest from potential buyers for the sale of company’s Special Economic Zone (SEZ) in Gurgaon.


Unitech Corporate Parks (UCP), a Unitech group firm listed in London, is negotiating with the private equity firm Blackstone and Singapore’s sovereign wealth fund GIC to sell its IT SEZ in Gurgaon for Rs 2,700 crore, sources said.


UCP listed on the AIM of the London Stock Exchange, is developing IST Infospace Gurgaon with leasable area of 3.6 million sq ft. UCP holds 60 per cent in this project, while realty firm Unitech has the remaining 40 per cent stake.


During the last financial year, Unitech Group registered a total revenue of Rs 2,629 crore and a net profit of Rs 209 crore. In 2012—13, it launched several new projects totalling 3.98 million sq ft across different cities and received sales bookings for a total area of 5.47 million sq ft valued at Rs 2,806 crore.


According to Chandra, the procedural delays and inertia in decision—making have affected progress of projects in the infrastructure and real estate sectors.

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