Real estate major Unitech is likely to pull out of its proposed Rs 211 crore residential cum commercial complex which was to be developed over an area of 11 acres in one of the prime locations of the city.
Sources familiar with the development said, Unitech had sought an extension of about two years from the Bhubaneswar Development Authority (BDA) for its proposed residential cum commercial complex in the city as its cash position was not comfortable. However, BDA turned down Unitechs proposal as a result of which the real estate player was mulling to pull out of the project.
It may be noted that DLF, Indias biggest real estate developer was also contemplating a pull-out of its proposed Rs 1,000 crore Infopark project.
More : business-standard.com
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