Public RelationsUnitech to raise $200 mn for low-cost housing from PE firms
The country"s second-largest realty firm, Unitech, is likely to raise $200 million (nearly Rs 1,000 crore) within the next three months by selling stake in its affordable housing projects to private equity players.
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According to sources, Unitech is in advance stages of negotiations with some domestic and global private equity firms to raise funds for its affordable housing projects being developed under the brand "Uni Homes".
The company plans to raise $200 million in the next quarter and is currently evaluating proposals received from various private equity (PE) firms, they added.
Apart from PE firms such as IL&FS, Warburg Pincus, Sun Apollo and TPG, sources said, a leading international realty developer specialising in low-cost housing has shown interest in picking up stakes in Uni Homes projects.
Unitech had last month announced its plans to construct 20,000 affordable houses at a cost of Rs 1,700 crore to become India"s numero-uno realty company within a year. It is aiming to sell 15,000 flats in the current fiscal.
"We made a mistake of only focusing on top two-three per cent of India"s population. Now we want to reach the masses... enter into budget and affordable houses...We will be the biggest player in the housing segment," Unitech Managing Director Sanjay Chandra had told PTI.