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Unitech says books $1.2 bn sales in 9 months

Unitech says books $1.2 bn sales in 9 months
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First Published: Mon, Jan 11 2010. 03 51 PM IST
Updated: Mon, Jan 11 2010. 03 51 PM IST
Mumbai: Unitech Ltd, India’s second-largest listed developer, said on Monday it booked sales worth Rs55.5 billion ($1.2 billion) between 25 March and the end of 2009.
In a presentation released to media, the company said it had booked saleable area of 13.14 million sq ft since the last week of March 2009, of which about 3 million sq ft was booked in the December quarter.
That figure included about 250,000 square feet sold in the final week of March, the last week of the the 2008/09 fiscal year. That was also included in the company’s sales of about 3 million sq ft in 2008/09, a company spokesperson said.
The numbers underline a revival in demand in India’s property market as buyers for homes and offices return on the back of low mortgage rates and lower prices, after the global financial crisis in 2008 cut off funding and demand.
Unitech, which battled soaring debt and the crash in property prices through most of last year, said it was working to complete past projects by March 2011 and was adding about 5,000 workers every quarter to speed up construction.
The company currently has 22 million sq ft in various stages of construction across 31 projects, it said in the presentation.
Shares in Unitech, valued at $4.5 billion by the market, closed up 4.4% at Rs90.40 in a Mumbai market that fell 0.1%.
The stock more than doubled in 2009, after falling by 92% in 2008.
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First Published: Mon, Jan 11 2010. 03 51 PM IST
More Topics: Unitech | Sales | Real Estate | Realty | Demand |