Unitech Achieves Rs 524 Crore Sales Booking in April-September

Realty firm Unitech’s sales bookings remained flat at Rs 524 crore in the first six months of this financial year due to demand slowdwon in the property market.

It had sales bookings of Rs 527 crore in the first half of 2014-15 fiscal.

According to an operational update posted on the company’s website, Unitech sold 0.9 million sq ft for Rs 524 crore during April-September period of this fiscal. Average sales realisation stood at Rs 5,815 per sq ft.

The Gurgaon-based developer had sold 0.91 million sq ft for Rs 527 crore in the year-ago period.

Of the total sales bookings, the residential and commercial segments contributed Rs 384 crore and Rs 140 crore, respectively, during the first six months of 2015-16.

In terms of locations, Noida and Greater Noida had 59 per cent share while Gurgaon had 30 per cent share in the overall sales booking achieved during the first half of this year.

Unitech delivered 2.43 million sq ft area during first two quarters of 2015-16, the presentation said.

“Handing over is in progress in 47 projects across regions. Handing over started in 1 more projects in NCR and 1 in Chennai,” it added.

Last week, Unitech reported a consolidated net loss of Rs.65.82 crore for the quarter ended September on higher finance cost and operational expenses. Its net loss was at Rs 14.69 crore in the year-ago period.

Net sales, however, rose to Rs 683.89 crore in the quarter from Rs 386.19 crore in the year-ago period.

“Increasing the pace of construction at our ongoing projects and accelerating the delivery of finished product are the key priorities for the company. Steps initiated to overcome the liquidity constraint have gradually started yielding results and should progressively ease the tight cash
flow situation,” Unitech MD Sanjay Chandra had said.

The demand for non-residential property continues to be robust, he had said.

“Enquiries for office space continue to flow in from both existing as well as new clients. These developments coupled with the improving macroeconomic scenario make us sanguine with regard to the demand for residential property which has been sluggish for a while,” Chandra had said.