New Delhi: Unitech Ltd claimed it has notched up sales of 10.11 million sq.ft of residential and non-residential space between March and September, with a value of Rs 4,000 crore. In a detailed investor presentation, India’s second largest real estate company said it is working on delivery of projects by March 2011.
The company had last week faced customer ire over delay in completion of Unitech Habitat at Greater Noida. In an operational update leading up to September 30, 2009, Unitech said that against 21.30 million square feet (msf) that has been launched, sales have touched 10.11 msf during the six months in reference. The sales include 8.16 msf in residential and 1.95 msf in non-residential spaces.
Unitech said in terms of the total value at the base selling price, it is tantamount to property worth Rs 2,639 crore and Rs 1,274 crore for residential and non-residential properties respectively.
A Mumbai-based analyst said: “This is the transaction value that the company has, and may be different from the revenue recognised in the books of account because of the way real estate revenue is calculated.”
The company said it has over 60 ongoing projects across 10 cities and that there had been over 30 launches in the last seven months. It said 32 msf (22 msf earlier projects and 10 msf recent) is slated to be delivered over the next three years. The presentation also talks at length about the delivery status of past projects. According to it, against the total 2.2.31 msf to be delivered, only 22 per cent (4.88 msf) was delivered by September. This left a pending delivery of 17.43 msf, according to the presentation. “We are working towards completion and delivery of past projects by March 2011,” Unitech said.
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To achieve its execution target, the company said it has ramped up workforce on project sites by over 300 per cent in the last six months. It said construction activity was back on track after a slowdown in the second half of last year. “Slow execution followinga credit crunch in FY09 had delayed the delivery of Unitech’s projects sold between FY06-09 by 9-12 months on average. Unitech is now targeting delivery of its past projects (sold before March 2009) totalling 22.3 msf in the next 18 months,” a report by CLSA pointed out.
Source: The Hindu Business Line
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