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Wednesday, March 12, 2014

LIC India has taken “Notional Possession” of Unitech Land in Noida

LIC India has taken “Notional Possession” of Unitech Land in Noida:-
Unitech Problems seems to not ending as LIC India has taken “Notional Possession” of Noida Sec- 96, 97 & 98 Lands which are approximately 350 Acre as Unitech unable to pay Rs. 150 Crore loan taken from LIC India.
LIC India also warned public to not to deal with Unitech for that land laying in Noida. “Notional Possession” is just a step to take control of assets when anyone unable to payback loan. Although assets is still with Unitech but Unitech has to pay back loan so as to take complete handover of property from LIC.
LIC has taken Property in its control on 7th March as LIC issued a Notice to Unitech Promoter on 26th Nov. 2013 to payback its dues within 60 days but same doesn’t happen.
Unitech Promoters said that they will payback dues to LIC India by 31st March 2014.
Unitech on fast Track to reduce Debt:-

Unitech has total debt of Rs. 6200 Crore which includes LIC Rs. 150 Crore. In Pat few months Unitech sold several assets to reduce the burden. Unitech has sold 10 Acre of land in Bangalore and Mysore to local developers for about Rs 100-130 crore to repay LIC India loan.
        In January earlier this year Unitech was looking to sell plots in south India for about Rs 400 crore.
          In January this year Unitech put 2 Hotels for sale are the 200-room Country Inn and Suites in Gurgaon and the 250-room Marriott in Noida. This deal will leads to get Unitech 550 to 600 crore.
     Unitech also in talks to sell its IT SEZ in Gurgaon which is spread over 3.6-million square feet. Unitech has 40% stake in it and 60% stake is with UCP. Unitech is developing the same. Unitech  group is negotiating with private equity firm Blackstone and Singapore's sovereign wealth fund GIC to sell its IT special economic zone (SEZ) in Gurgaon for about Rs 2600- 2700 crore.
          In 2009 Unitech sold its prime office complex in south Delhi for over Rs 500 crore and a budget hotel in Gurgaon for about Rs 200 crore.


             Unitech is doing all this to reduce its debt.

LIC India has taken “Notional Possession” of Unitech Land in Noida

LIC India has taken “Notional Possession” of Unitech Land in Noida:-
Unitech Problems seems to not ending as LIC India has taken “Notional Possession” of Noida Sec- 96, 97 & 98 Lands which are approximately 350 Acre as Unitech unable to pay Rs. 150 Crore loan taken from LIC India.
LIC India also warned public to not to deal with Unitech for that land laying in Noida. “Notional Possession” is just a step to take control of assets when anyone unable to payback loan. Although assets is still with Unitech but Unitech has to pay back loan so as to take complete handover of property from LIC.
LIC has taken Property in its control on 7th March as LIC issued a Notice to Unitech Promoter on 26th Nov. 2013 to payback its dues within 60 days but same doesn’t happen.
Unitech Promoters said that they will payback dues to LIC India by 31st March 2014.
Unitech on fast Track to reduce Debt:-

Unitech has total debt of Rs. 6200 Crore which includes LIC Rs. 150 Crore. In Pat few months Unitech sold several assets to reduce the burden. Unitech has sold 10 Acre of land in Bangalore and Mysore to local developers for about Rs 100-130 crore to repay LIC India loan.
        In January earlier this year Unitech was looking to sell plots in south India for about Rs 400 crore.
          In January this year Unitech put 2 Hotels for sale are the 200-room Country Inn and Suites in Gurgaon and the 250-room Marriott in Noida. This deal will leads to get Unitech 550 to 600 crore.
     Unitech also in talks to sell its IT SEZ in Gurgaon which is spread over 3.6-million square feet. Unitech has 40% stake in it and 60% stake is with UCP. Unitech is developing the same. Unitech  group is negotiating with private equity firm Blackstone and Singapore's sovereign wealth fund GIC to sell its IT special economic zone (SEZ) in Gurgaon for about Rs 2600- 2700 crore.
          In 2009 Unitech sold its prime office complex in south Delhi for over Rs 500 crore and a budget hotel in Gurgaon for about Rs 200 crore.


             Unitech is doing all this to reduce its debt.