Indiabulls Securities Research has recommended a buy rating on Unitech in its July 01 report. Unitech Limited operates as a real estate development company in India and internationally. Its real estate projects include residential complexes, golf course communities, integrated townships, amusement parks, commercial offices, IT parks, and
retail malls
Indiabulls report says, Unitechs stock is currently trading at a 19.8 percent discount to our Net Asset Value (NAV) of Rs.103. We believe that the stock has a long-term upside potential, primarily due to the increasing residential sales volume coupled with the company’s comfortable liquidity position. Hence, we recommend buy rating on Unitech.
The company performed very badly in Q4′09 due to stringent market condition and marginal sales booked during the period. Net sales of the company went down 66.8 percent year over year (YOY) and 21.2 percent quarter to quarter (QOQ) to Rs.385.6 crore. In the financial year ended March 31, 2009, the net sales of the company were Rs.2889.74 crore against Rs.4140.4 crore in previous fiscal.
More : siliconindia.com
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Buyers who bought apartments in Gurgaon and Greater Noida from DLF Ltd and Unitech Ltd are complaining that the builders have increased maintenance charges, sought advance payment of such charges, and increased the so-called super built-up area of their flat resulting in an escalation of costs.
At least three projects around capital New Delhi—DLF Pinnacle, Unitech Horizon and Unitech The World Spa—have seen changes in charges and terms from what was originally stated in the buyers contract, buyers say.
DLF and Unitech say they are within terms of the agreements with buyers and such changes are not unusual.
More : livemint.com
Indias second largest real estate developer, Unitech, has been on a selling spree to raise cash. Severe liquidity crunch and high debt has meant the developer reworked its strategy and shifted focus to affordable housing.
To lower debt burden and borrowings, the company has been selling its non-core assets. On Wednesday, the company announced the sale of its Saket corporate office for a sum of Rs 500 cr to an individual investor. Last month, the company, in another strategic move, raised $325 million through the qualified institutional placement (QIP) route. Unitech Wireless, the telecom unit of the company, also sold
The countrys largest real estate developer, DLF, sold apartments worth Rs 1,000 crore in December. This is the highest monthly sale the company has recorded in its history. There are many developers like DLF who have seen a surge in the sale of apartments across the country in the quarter ended December, especially in the luxury and semi-luxury category.
A large chunk of DLFs sales are also from the luxury and semi-luxury segments. It sold 76 apartments of Rs 5 crore each in The Magnolias, Gurgaon, netting nearly Rs 400 crore. The project has apartments of 5,825 sq ft each and
Mumbai : Indiabulls Financial Services Ltd has said it is seeking Delhi High Court approval for the demerger of its real estate business into Indiabulls Real Estate Ltd (IBREL).
The company has filed an application with the Delhi High Court for seeking its approval to demerge the real estate business into IBREL, which would be a separately traded public company once the proposed demerger is completed, it informed the Bombay Stock Exchange.
The company is also seeking Delhi High Courts directions to convene and hold meetings of the equity shareholders and unsecured creditors of the company for this, it said.
