Quote:
Originally Posted by arin_12
Unitech Became the defaulter in Repaying loan amount for Greater Noida Project.
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Hello Arin,
Not doubting your report. But which media reported this? How big is the project? What will be the penalties?
Does this mean that Unitech has run completely out of money? Or that it is just conserving cash by dumping projects that are running bad? Important to know since, if a big firm like Unitech can go belly-up, we may be at the edge of a cliff with many other smaller and weaker RE firms rushing towards the cliff.
This is very interesting. I remember HSBC first reporting their substantial losses relating to RE in US in 2006. At that time people thought it was a one-off kind of thing. Though it is now forgotten, it was the Dam-breaker.
This report in Unitech is likely to be our RE Dam-breaker. Now people who are at risk will go hammer-&-tongs to check if their builder is solvent.
Thanks for the report.
cheers