Real estate Property News – Gurgaon: Unitech Group plans to raise Rs 1000 crore in the next few months from sale of non-core assets for repayment of its debt. According to people close to the development, the company has already sold 11 acres of non-coreland parcels in Bangalore and Mysore for about Rs 130 crore.
Sources close to the development said the company has sold 11 acres of land in Mysore and Bangalore to a developer for ₹130 crore. The sale comes at a time when reports have been indicating that LIC was moving closer to taking “possession” of a 350-acre land parcel owned by Unitech in Noida.
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Sources said Unitech was likely to clear its debt by March-end and the property would be handed back to the company once the accounts have been settled. LIC has also issued a notional possession notice for another property, which Unitech had offered as collateral for the loan. “Notional possession” is a step closer to physical possession.
A Unitech spokesperson said the company is in the process of making the necessary payments by March 31, 2014.
In December, LIC Housing Finance had denied any exposure in Unitech and had also said that it had not issued any default notice. Real estate sources had said that Unitech had taken a loan of ₹300 crore from LIC Housing Finance in 2007. It has so far repaid ₹100 crore.
Unitech has a debt of about Rs 6,200 crore, including Rs 150-200 crore from LIC. There have been of LIC declaring Unitech a wilful defaulter, as well as taking notional possession of a part of slice of Unitech’s 350-acre land parcel in Noida. Unitech is looking to raise about Rs 400 crore from selling plots in South India and another Rs 600 crore from its hotels in Noida and Gurgaon.
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