More Bookings Expected in 2010- Unitech

Real estate company Unitech Ltd said on Tuesday it has sold 16.6 million square feet of residential and commercial space during financial year ended March 2010. This is more than five times the bookings clinched in Financial Year 09 (three million square feet), when slowdown in the property market and cash crunch faced by various builders had dented the fortunes of the industry. Unitech had reported 10 million sq ft of bookings during Financial Year 08.

The average realisation stood at Rs 4,237 a sq ft for Financial Year 10 although the company did not give a comparable figure for the previous year. During Financial Year 10, Delhi NCR and Chennai accounted for a big chunk of the total bookings.

According to an operational update by the company, for the year ended March 31, 2010, bulk of the area booked by the company pertains to residential projects (82 per cent) and balance to non-residential or commercial space. The company has claimed that the total value of sales for the space booked in the last fiscal stands at over Rs 7,000 crore.

On the delivery status of past projects — a pain point with buyers during the market slowdown phase — Unitech has reported that out of the total 22.4 msf of area to be delivered, close to 6.8 million sq ft has been delivered till March 2010. About 1.15 million sq ft was delivered in the last quarter alone.

Source : Indianrealtynews

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