In order to kick start its pending projects, realty firm Unitech has decided to generate Rs. 300-cr from financial institutions and also from sale of land parcels to complete over 40 housing projects comprising 13,000 flats, shortly.
The player requires Rs. 2,700-cr to complete these pending projects, while the receivables from the customers is about Rs. 4,000-cr and it is opening an escrow account for each project to speed up construction work. In certain cases, it has already opened escrow accounts with members nominated by RWAs also as signatories, said an official spokesperson, adding that the RWA members are monitoring the progress of the projects. In the case of pending projects to be delivered, the value of the receivables is in excess of balance construction cost to be incurred. The worker strength on sites has more than doubled in the last two months to ensure the completion of the projects within the stipulated timelines.