Unitech,latest,project,launch, business, insurance Unitechs latest project launch, South Park, receives strong
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Unitech Limited India's leading business group havingoperations in large-scale integrated real-estate development and infrastructureprojects has received an overwhelming response for its Unitech South Park project, Gurgaon,with over 300 bookings garnering almost Rs 200 Crores. It has completely soldout Phase I of the project that is targeted at mid income group. Located in Sector 70, Gurgaon, on 150 metre wideSouthern Periphery Road, Unitech South Parkhas excellent connectivity to NH-8 and Golf Course Road. The project in its 1stphase will have G+13 floor towers with a mixof 2 and 3 bedroom apartments in sizes 1245 sq. ft. 1610 sq. ft. Eachapartment will have imported marble in living and dining rooms apart from splitAC units in all bedrooms, living and dining rooms. Each apartment will comewith 100% power back up facility. The successful launch of UnitechSouth Parkfollows the successful launch of the 1st phase of Unihomes, Rewari,as part of Unitech Township project, duringthe last week of February 2011. Unitech has already received 200 bookings sincethe launch of the 1st phase of the project. Located in Sector 15, Rewari, this project will haveresidential and commercial developments along with schools and superior medicalfacilities. Unihomes, Rewari will have a mix of affordable independent 2BHK and3BHK floors in sizes 953 1646 sq. ft.Spread over 83 acres, it is located on the proposed 45 m wide road whichwill connect to Narnaul highway and also to Bawal Industrial Area which is anupcoming growth centre being developed by the HSIIDC with almost Rs 7000 Crs ofinvestment in the adjoining Industrial Centre. Commenting on the development Mr. Sanjay Chandra,Managing Director, Unitech Limited said, We are very pleased with the customerresponse to the new project launches. These launches are in line with ourbusiness plan to launch almost 10 msf in the next few months. The demand andpricing environment of the residential product is stable and there has alsobeen a marked improvement in the demand for office spaces. We are working on awide array of projects to tap this growing demand. Unitech Ltd has been steadily improving its cashflows on the back of improved realization from Operations. It has also reducedits net real estate debt by Rs. 555 crore in the 3rd quarter of FY2011. Its real estate net debt equity ratio now stands at 0.40 which is amongthe lowest in the industry. Its debt profile has improved vastly in the lastfew quarters with the average maturity of debts at around 3 years. Beingcomfortable from a financial leverage perspective, the Company is aggressivelyfocusing on its core operations ~ Launches, Execution and Delivery of Projects.Delivery of finished products has commenced in most of the pre-March 2009projects and is expected to accelerate in the coming months.
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