Unitech to sell 17.5-acre Noida plot to Gulshan Homz for Rs 400 crore

NEW DELHI: Real estate developer UnitechBSE 0.00 % is selling 17.5 acres of land in Noida's Sector 144 to local builder Gulshan Homz for Rs 400 crore, two people with knowledge of the deal said.

The developer is likely to use the money to reduce its debt that stood at Rs 6,316 crore at the end of March. The company has been in the process of selling of a number of its assets to reduce debt.

Gulshan Homz' director Deepak Kapoor confirmed the deal but did not disclose the amount involved.

The company plans to launch a residential housing project on this land, around which it already has two projects under construction. A spokesman for Unitech declined to comment on the matter.

Unitech had recently sold its 40% stake in four of the six assets of Unitech Corporate Parks to Canadian firm Brookfield Asset Management. Along with Unitech's stake in the assets, Brookfield also acquired stakes from other UCP shareholders in a total deal valued at about Rs 3,500 crore.

Source:http://economictimes.indiatimes.com/markets/real-estate/news/unitech-to-sell-17-5-acre-noida-plot-to-gulshan-homz-for-rs-400-crore/articleshow/39322255.cms