Unitech: The decline of realty major

A decline in the real estate sector, rising debt and Unitech's alleged involvement in 2G scam caused damage to the business and its image

‘Realty Mogul’, ‘Power Brand’ and ‘Superbrand’ are the three recognitions listed by once popular real estate firm Unitech on its website. These recognitions, once the symbol of a flourishing real estate business, have quickly diminished. A decline in the real estate sector, rising debt and the company’s alleged involvement in 2G scam caused damage to the business and its image.
 
Set up in 1971 by IITian Ramesh Chandra, Unitech claims to have delivered over hundred residential projects, many of which still command a premium in the resale market. It has also developed several commercial projects, including malls such as