Corporate Aug 16, 2012
Real estate major Unitech sold properties worth Rs 701 crore during the first quarter of this fiscal, down by 31 percent as compared to the year-ago period.
The company had registered a sales booking of Rs 1,020 crore during April-June quarter of last fiscal. According to operational update posted on the company's website, Unitech sold 1.51 million sq ft of area in the first quarter of 2012-13 fiscal as against 1.9 million sq ft in the corresponding period of previous year.
The average sales realisation also fell to Rs 4,632 per sq ft in the first quarter of this fiscal as against Rs 5,361 per sq ft in the year-ago period.
Out of the total sales booking of Rs 701 crore during April-June quarter, housing contributed sales of Rs 607 crore and non-residential segment Rs 94 crore. Noida and Greater Noida contributed bulk of sales during last quarter.
Real estate sector is witnessing slowdown since the last 2-3 years. Housing demand has been hit largely due to high interest rate on home loans as well as credit to developers. Earlier this week, Unitech reported a 53 percent decline in consolidated net profit at Rs 45.88 crore for the quarter ended June 30 against Rs 98.36 crore in the year-ago period.
Total income fell by 36 percent at Rs 442.28 crore in the first quarter of this fiscal as against Rs 686.83 crore in the corresponding period of last year. "The company's focus continues to be on ramping up the construction activity and is taking several measures to this end. A lot of emphasis is also being laid on improving various processes to drive efficiencies and reduce costs," Unitech Managing Director Ajay Chandra had said.
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