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INDIA'S second-largest real estate firm Unitech has sold its office building in Saket, New Delhi, for around Rs 425-450 crore to an unnamed property investor, following over six months of negotiations with several prospective buyers.
Unitech MD Sanjay Chandra said the deal amount is over Rs 500 crore, but didn't disclose the buyer's name. People familiar with the negotiations said the buyer is a Delhi-based industrialist, who plans to lease out spaces in the 2-lakh sq ft building to other companies. They said the deal amount is between Rs 425-450 crore. The building is ready and was earlier supposed to house Unitech's corporate office, which is currently in Gurgaon.
Unitech had been expecting more than Rs 500 crore for the office building and was earlier in talks with HDFC to sell it. The financial institution has in the past denied holding talks with Unitech on this but had said the Saket property was mortgaged with it as collateral for a loan worth Rs 30 crore given to Unitech. The downturn in the real estate sector and extraordinary level of debt that Unitech had piled on its balance sheet forced the company to put several of its assets, including the Saket office building and the Gurgaon hotel, on the block late last year. The downturn made it difficult for Unitech to sell its properties.
After several months of negotiations with several buyers, the company had sold its hotel in Gurgaon for Rs 231 crore to a car dealer Roop Madan early this year.
Telenor ups stake
in Unitech Wireless
NEW DELHI: Norway's Telenor has hiked its stake in Unitech Wireless, the telecom unit of Unitech, to 49% through an additional investment of Rs 1,130 crore. Eight units of Unitech Wireless received the additional funds for 15.5% stake from Telenor Asia.
Unitech MD Sanjay Chandra said the deal amount is over Rs 500 crore, but didn't disclose the buyer's name. People familiar with the negotiations said the buyer is a Delhi-based industrialist, who plans to lease out spaces in the 2-lakh sq ft building to other companies. They said the deal amount is between Rs 425-450 crore. The building is ready and was earlier supposed to house Unitech's corporate office, which is currently in Gurgaon.
Unitech had been expecting more than Rs 500 crore for the office building and was earlier in talks with HDFC to sell it. The financial institution has in the past denied holding talks with Unitech on this but had said the Saket property was mortgaged with it as collateral for a loan worth Rs 30 crore given to Unitech. The downturn in the real estate sector and extraordinary level of debt that Unitech had piled on its balance sheet forced the company to put several of its assets, including the Saket office building and the Gurgaon hotel, on the block late last year. The downturn made it difficult for Unitech to sell its properties.
After several months of negotiations with several buyers, the company had sold its hotel in Gurgaon for Rs 231 crore to a car dealer Roop Madan early this year.
Telenor ups stake
in Unitech Wireless
NEW DELHI: Norway's Telenor has hiked its stake in Unitech Wireless, the telecom unit of Unitech, to 49% through an additional investment of Rs 1,130 crore. Eight units of Unitech Wireless received the additional funds for 15.5% stake from Telenor Asia.
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