One of the renowned real estate developer Unitech is selling 17.5 acres of land in Noida’s sector 144 to the local developer Gulshan Homz for Rs 400 crore,. Furthermore, the developer is likely to use the money to diminish its debt that stood up at Rs 6,316 crore at the end of March and the company has been in the process of selling of a number of its assets to cut debt.
Furthermore, Deepak Kapoor, director of Gulshan Homz’ approved the deal, but did not unveil the amount involved. A perfect residential project on this land is going to be launched soon and around this already two more projects are under construction. A spokesman for Unitech refused to comment on this matter.
Furthermore, Unitech has recently sold its 40% stake in four of the six assets of Unitech Corporate Park to Canadian firm Brookfield Asset Management, along with Unitech’s stake in the assets, Brookfiled also acquired stakes from other UCP shareholders in a total deal amount of R 3,500 crore.
