Friday, May 15, 2009

Some News for Unitech Shareholders.

During the past few days we can see that the market is doing quite well.Realty sector has been one big contributor to it.Ramesh Chandra led Unitech is on cloud nine now as it has sold about 800 flats in the last one month in Gurgaon.Unitech has actually started a project in Chennai where the cost per square foot will be very reasonable.In this way it's volumes will surge up like anything.The Real estate firm had a debt of about Rs 10000 crore from banks .Now it has started clearing it's debt rather quickly.Post QIP(Quallified Institutional Placement)it's debt has reduced to about Rs 8000 crore and in very little time it will be only Rs 5000 crore.Unitech has sold one of it's hotels in Gurgaon and the sale of the other will be finalised soon.It has about 200 acre of land for schools which will be sold in about 2.5 to 3 years time.It's flats in Gurgaon which were earlier sold at about Rs 4500 per sq ft are now being sold at Rs 3000 per sq ft.Seeing this many buyers had rushed to buy the flats resulting in the sale of 800 flats last month.The Chairman of Unitech has finally agreed that it's share was over valued in the good old days of the market.Unitech which is now trading at about 50 odd levels is expected to surge according to analysts.
I feel that more shares of Unitech should be purchased as the Realty sector or to be precise Unitech has seen the worst and is now on the road to recovery.This stock will yield excellent returns after a few years,when the market will come back on track.Unitech's cheapest flat in Gurgaon which costed about Rs 7000000 previously will cost only about Rs 25-30 lacs.So,if you have a bit of cash to spare you can invest in the flats!


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