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Unitech building 80 projects; focuses on improving execution

New Delhi, The Financial Chronicle

July 31, 2011

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Realty major Unitech Ltd is currently developing about 80 projects across the country covering 40 million sq ft of area and focusing on improving its execution capabilities, a top company official has said.

"Going forward, the quality of execution will determine whether Unitech will move to the next level or not. And, this is where most of the company's attention is now centred," the company's Chairman Ramesh Chandra told shareholders in the annual report of the last fiscal.

Chandra said that the company's operations have expanded manifold at a rapid pace and it has about 80 ongoing projects covering a total area of about 40 million sq ft.

"These projects are spread over different geographies in India further increasing the complexity in terms of project execution. However, with the internal initiatives undertaken on improving execution, we are confident of providing high quality housing to all our customers," he said.

Some of the initiatives taken by the company are product standardisation, in-house architectural and engineering design, expansion of contractor base and higher mechanisation.

In FY11, Unitech launched projects covering 10.44 million sq ft area. It booked 9.16 million sq ft for Rs 4,323 crore and delivered 4.25 million sq ft of completed area.

On telecom, Chandra said that he has full faith in the judiciary and expressed confidence that Unitech Wireless would be able to defend itself. Unitech has little over 30% stake in Unitech Wireless, which operates under Uninor brand. The remaining stake is with Norway-based Telenor.

Unitech Managing Director Sanjay Chandra was arrested in April this year and taken to judicial custody in relation to 2G telecom scam.

"Unfortunately, with regard to the ongoing telecom issue, I will not be able to share any of my views or facts, as the matter is subjudice," he said.

"However, it is important for me to convey to you that I have full faith in the Indian judiciary and I am confident that Unitech Wireless [Tamil Nadu] Pvt Ltd will be able to defend itself in the Court of Law," he said.

Chandra said the real estate venture Unitech would continue to focus on its core business activities -- project launches, sales, project execution and delivery. The company has major presence in national capital region, Chennai and Kolkata.
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