Unitech Ltd, India's second-largest listed property firm, has notified that its telecom subsidiary has received start up spectrum in four more service areas.
The allotment has been made for Assam, Rajasthan, North East and Jammu & Kashmir service areas.
Till date, out of the total 22 services areas in the country, the realty major has received spectrum in 20 circles to start its services.
Recently, Unitech has agreed to sell 60 per cent stake in the telecom business to Norway's Telenor, for Rs 6,120 crore.
Rajesh Exports Ltd, the country's largest manufacturer of Gold & Diamond Jewelry has postponed its real estate development plans by at least 18-24 months on concerns over slowdown in property demand.
India's leading realty play
The second largest realty firm of the country, Unitech Ltd would raise Rs 5,000 crore from the market through issuances of debt, equity and semi-equity. The plan is approved by the company's board after its meeting on January 19, 2009 following the approval of the stake holders. The funds would be used to repay debts of over Rs 8,000 crore. However, it would cause significant dilution of promoter's share in the company. 
Indian real estate firms demanded more monetary measures by government to increase demand in reality sector. Developers urged government to restructure debt and cut in interest rates to push growth rate of home segment. A team of reality firms, headed by National Real Estate development Council (NAREDCO) President, Rohtas Goel met Planning Commission Deputy Chairman, Montek Singh Ahluwalia and apprised him about the demands of developers.
Mumbai, Dec 13: As global economic meltdown and recent terror attacks have lead to downfall in property rates in Mumbai, builders feel it''s the right time to buy property.
