Unitech denies announcement of Rs20,000-crore mall development plans

Mumbai: Denying a news report in a section of the media that said Unitech would be investing in the range of Rs20,000 crores over the next six years for the development of  some 48 malls, Unitech Ltd has clarified to the Bombay Stock Exchange (BSE) that the company has not made any such announcement or issued any release relating to the matter published in the news article.

In its statement to the BSE, Unitech, a leading real estate company, said it has several business segments relating to residential, commercial, Information Technology (IT) parks, retail, amusement parks and hotels. Given its pace of growth, it said that at any point of time, Unitech would most probably be developing several projects, which may be at various stages of completion, or be considering initiating many new projects in line with its growth strategy.

The company's annual report for 2006-07, under the “Management's Discussion & Analysis“ section, said that it has around 50 million square feet of ongoing projects across its different business segments, and that the company would continue to make furthest strategic land acquisitions, and utilise the existing land bank to develop properties across different segments.

Clarifying its statement, Unitech told the BSE that it is chalking out plans to launch several retail projects, and has so far not shared the details of these projects, to safeguard investor and business interests.

It has advised the BSE that Unitech's corporate policy dictates that it shall provide information on its projects to the stock exchanges, as and when the design/planning of those projects are complete.