As the news broke out, scrips of the companies fell sharply. Both Unitech and DB Realty have denied any impact of telecom business onto their real estate ventures.
"The business of real estate is more about public confidence and when promoters of a firm are regularly associated with negative news then it does shake up this confidence," said a senior real estate consultant. He said weak market sentiment affects the retail investors that account for around 30% investments in a particular realty project. "Unitech and DB Realty will now have to expedite delivery of their existing projects to gain market confidence," he added.