Unitech, which is facing an acute financial crunch, has sold off its 200-room budget hotel in Gurgaon to a high net individual.
The deal for the Gurgaon-based Courtyard by Marriot was estimated at Rs 230 crore. Roop Madan, the buyer of the hotel, has interests in imports, in premium liquor and cigarette trade with investments in many real estate projects, the report added.
Unitech, which has a debt of around Rs 8,200 crore, is contemplating raising around Rs 1,500 crore from sale of projects, the report stated.
Meanwhile, India's second largest realty major has withdrawn its proposal to mop up Rs 5,000 crore from the overseas market.
Jeez!!! These guys will never improve, had they been a little reasonable in their business a year ago they wouldn't be in such a situation. Going by the current market scenario, they have invited larger trouble on their doorstep.
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