subject: Unitech Achieves Sale Bookings Of Rs 1,299 Cr In Q1 [print this page] www.gobhk.com www.gobhk.com
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Unitech Ltd, the country's second largest realty firm, has sold properties worth Rs 1,299 crore during the first quarter of this fiscal mainly on the back of robust sales in the residential segment.
"Over 3 million sq ft (of area) sold during the first quarter of 2010-11 fiscal. Value of sales bookings close to 1,300 crore," Unitech said in a presentation giving operation update about the company.
Unitech had sold 16.6 million sq ft of area amounting to Rs 7,033 crore in 2009-10 fiscal.
In the first quarter this fiscal, the residential segment contributed Rs 987 crore out of the total sales bookings of Rs 1,299 crore. The company sold 2.61 million sq ft of housing space and 0.4 million sq ft of commercial area.
However, in terms of average realisation, non-residential segment fared better at Rs 7,784 per sq ft while housing space was sold at an average price of Rs 3,782 per sq ft.
Location-wise, the national capital region contributed 71 per cent to the total sales bookings.
Unitech had changed its strategy last year and decided to focus more on mid and affordable housing segment. Before that it was primarily targeting luxury and upper middle-income housing segment. The company started offering product in the sub Rs 20 lakh range under a new brand 'Unihomes'.
"Through a combination of reduction in costs, decrease in unit sizes and reduction in margins, Unitech has been able to offer housing at prices affordable to a wider cross section of customers," the company said.
Unitech said it is "well poised to be the market leader in residential property".
On the property market, Unitech said the recovery in the real estate sector from slowdown began in March 2009 with revival in demand for affordable housingO
"Demand for higher end residential product also picked up during the second half of FY'10," it added.
Housing prices have risen since September 2009 by varying degree across the country, while commercial rentals continue to be subdued due to high vacancy, the presentation said.
"At present, demand for residential property is healthy across segments. The demand for commercial property was showing some signs of recovery before the uncertainty created by Direct Tax Code proposals," it added.
