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Unitech Ltd on Wednesday said it has received a “strong buyer response” for its South Park project in Gurgaon, with over 300 bookings garnering almost Rs 200 crore.
A statement by the company said that it has “completely sold out” the first phase of the project targeted at mid income group. The project in its first phase will have a mix of two and three bedroom apartments in sizes 1245– 1610 sq. ft.
“These launches are in line with our business plan to launch almost 10 msf in the next few months. The demand and pricing environment of the residential product is stable and there has also been a marked improvement in the demand for office spaces. We are working on a wide array of projects to tap this growing demand,” Mr Sanjay Chandra, Managing Director of Unitech Limited said.
Unitech claimed it has been improving cash flows on the back of better realisation from operations. The net real estate debt has reduced by Rs 555 crore in the third quarter of fiscal 2011, it added.
“Delivery of finished products has commenced in most of the pre-March 2009 projects and is expected to accelerate in the coming months,” the statement added.
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