In order to trim debt, real estate company Unitech will sell its non-core land parcels, said Chairman Ramesh Chandra said.

Apart from land sale, the company also plans to monetise some commercial assets.

These transactions, once concluded, will reduce the company’s consolidated debt by 15-20 per cent, according to Chandra’s message to the shareholders in the company’s annual report.

Adverse market conditions and consequent slowdown in sales had hit cash flows for the company. Adding that it was a conscious strategic decision by the company, he said: “The company has a large land bank that it will develop and increase the speed of new launches and sales as and when the market situation improves. Till then, land that is non-core to the business will be sold to improve liquidity and reduce debt exposure risks.”

As far as other businesses are concerned, he said that Unitech Power Transmission Ltd recorded over 44 per cent growth in turnover, while revenues from property management services rose by 12.47 per cent to ₹143.77 crore in fiscal 2014.

The shares of the company ended 0.63 per cent higher at ₹23.90 on the BSE on Tuesday.

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