India's largest publicly listed real estate company Unitech Limited posted profits after tax at Rs 452.38 crores, up 3190.04 per cent from the corresponding period in the previous year. Total income for quarter three increased by 475.68 per cent to Rs 1016.59 crore, as against Rs 176.59 crores in quarter three last year. Sanjay Chandra, MD, Unitech, attributed the phenomenal increase in profits to revenues kicking in from the sale of 1000 flats in Gurgaon and Noida. “We have been performing well across all markets. Real estate has a long gestation period. Between the second and third quarters, revenues from our larger projects in Gurgaon and Noida kicked in, resulting in high revenues this quarter. We also recognized the revenue of projects that are 20 per cent complete. Revenue recognition will also happen in Kolkata in the next quarter.” Chandra said.The company has plans to invest Rs 50,000 crore to develop 500 million square feet over the next seven years. It also plans to invest $720 million, raised on the alternate investment market at the London Stock Exchange; in six IT parks in the country. “This investment will be one of the biggest foreign direct investments in the country.” Chandra said.Chandra also added that the company presently has 65 million square feet under construction. “As we expand in new markets we will see further sustainable growth. Right now about 95 per cent of our revenues are from the National Capital region, as we expand to other markets, this figure is expected to come down to about 20 per cent. We are also looking at infrastructure development in addition to real estate,” Chandra said. The company is developing new projects in Kolkata, Chennai and Greater Noida. The Express city project in Noida is slated for launch in April.Unitech is also slated to acquire 20 new properties in the hotel space. It has added 500 acres to its land bank in the last quarter. “ We acquired a 73-acre site in Chandigarh to build an amusement park, 150 acres in Noida and 232 acres in Siliguri to develop a township.” Chandra said.
