Unitech Ltd, the country's second largest real estate developer has sold its prime office property located in New Delhi's Saket area for over Rs 500 crore to a Delhi-based high net worth individual, according to reliable sources close to the development.
A company spokesperson declined to comment on the development but said that the developer expects to raise up to Rs 1,000 crore by the end of June through sale of assets like hotels, offices and plots of hospitals and educational institutions located in Unitech's townships.
Earlier this year, Unitech had sold its Mariott hotel in Gurgaon to Delhi-based high net worth individual Roop Madan.
Real estate players are on an asset selling drive in order to generate cash and focus their core business.
Recently, real estate giant DLF said that it will also sell its non-core assets like hotel plots and its wind power business to improve cash flows and as a part of a plan to halve its debt worth close to Rs 14,000 crore by the end of March 2010.
Unitech was earlier in talks with a few public sector organisations and state-controlled Oriental Bank of Commerce for the sale of Saket office property spread over 2 million sq ft area but a deal did not materialise following differences over its valuation.
Analysts tracking the sector had said that the property should not be worth more than Rs 300 crore due to an overall decline in demand for office spaces.