Country's leading reality firm, Unitech Ltd raised Rs 500 crore by selling an office complex in Saket, New Delhi in a line with its plans to lower its debt obligation in tight monetary conditions.

The office complex, having area of 2.10 lakh sq ft was developed for the use of company. However, the break out of global recession last year has changed the scenario, forcing the real estate firm to put up the property in the market.

Earlier, Roop Madan, Managing Director of the Delhi-based Sanya Motors had brought its hotel project in Gurgaon for Rs 235 crore, 45 percent of which has already paid. The remaining 55 per cent amount is expected to be paid by this month. The company is also looking for a suitable buyer for serviced apartment project - Marriott Executive Apartments located in Gurgaon near the Unitech Cyber Park.

The real estate firm has total liability of Rs 7,800 crore and it has set a target to reduce the debt position to Rs 6,000 crore-6,500 crore by the end of this fiscal by selling plots in its townships.