Developer celebrating boom in Indian property

Indian property developer Unitech has toasted the current boom that is taking place in the country’s property market, having seen its quarterly profit to March rise to 354.6 million rupees (£4.2 million).

This is an increase of 450 per cent compared to the 64.5 million rupees of profit that Unitech experienced in the quarter up to March 2005.

Overall net sales almost doubled for the company, from 1.2 billion rupees last year to 2.1 billion in the latest quarter.

Speaking to Reuters, managing director of Unitech, Sanjay Chandra, was optimistic about the future of the Indian property market, predicting that rising demand for housing would continue its trend for at least another six months.

“The National Capital Region (around New Delhi) is the biggest market for us. But there is a lot happening in the southern markets and east. We are bullish on Chennai and Kolkata,” Mr Chandra said.

Around 65 per cent of the revenue posted by Unitech was accounted for by property development, construction created 28 per cent of the returns while consultancy made up the rest.

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