CONTENTS

Indian Real Estate Industry

Overview of Unitech
Business Model
Business Strategy
Business Segments
Residential
Commercial
Retail
Entertainment
Hospitality
SEZs
Other Businesses
Development Plan
Key Strengths
Financials
REAL ESTATE IN INDIA IS POISED FOR STRONG GROWTH
Real Estate is emerging as one of the Indias fastest growing sectors
The Industry could grow from US$12 billion in 2005 to US$45-50 billion in 2010
Potential for superior growth of the industry leaders
KEY DEMAND DRIVERS
Demographics
Urbanization
Rising Income
levels
Access to
finance
Fiscal incentives
Self-built to
developer built
homes
Most attractive
destination for
IT & ITeS
services
Demand from
other sectors is
growing
India is the most
attractive retail
destination
Organized retail
gaining share
Relaxation of FDI
regime
Buoyant
economic
growth & FDI
driving business
travel
India expected
to be among top
tourist
destinations by
2020
Govt. introduced
SEZ policy to
boost economic
activity/exports
Transformational
opportunity for
real estate
developers
Office/ IT Parks Retail Hotel SEZs
Residential
Source: JLL, Merrill Lynch, Research Reports
OVERVIEW OF UNITECH
Indias leading real estate company; market capitalization of over US $ 11 bn. Listed for
over 2 decades. Cumulative capital raised less than US $ 10 mn.
Over three decades of experience in Indian Infrastructure and real estate development
Leading player in the National Capital Region (NCR) and Kolkata markets. Fast establishing a
strong presence in other major cities such as Chennai, Hyderabad, Kochi etc.
Most Diversified Product Mix Residential, Office/IT Parks, Retail Malls, Amusement Parks,
Hotels/Convention Centre and SEZs
Geographically diversified land reserves of nearly 10,700 acres with a developable area of
approximately 500 million sq.ft
Employee strength of over 1800 including approximately 600 engineers, architects and
management professionals
Strong relationship with global leaders who are occupants of its developed properties
Relationships with internationally acclaimed architects and design consultants/groups
including HOK(USA), Callison(USA) and RMJM(UK).
OUR BUSINESS MODEL CAPITAL EFFICIENT
Spanning across all segments of real estate
Strategic locations
Relationships
Acquire land bank, build infrastructure/linkages,
bring in occupiers/ tenants, enhance value
SEZs
Partnerships with global brands
Create sustainable value
Acquire land, develop, enhance value, hold, sell
Build a portfolio of budget, 4 star, serviced
apartments, resorts, etc.
Hotels
Creative business formats
Leveraging relationships for quality
in niche segments
Acquire land, develop, bring in anchor tenant,
hold/sell
Focus on quality, mall management, preferred anchor
relationships
Retail
Unmet market demand
Strong valuable niche
One-of-its-kind family entertainment model
Exclusive international arrangements
Entertainment
Marquee customers
Global standards
Efficient capital rotation
Acquire land, develop, rent, sell
Focus on IT, ITeS
Built to suit, customized, multi-tenanted
Commercial
Strategic locations
Superior quality
Customer delight
Acquire, develop, brand, sell world class homes
Townships and Group Housing
Residential
Differentiators Approach Segment
BUSINESS STRATEGY
Achieve a high growth by establishing a pan India presence
with focus on markets experiencing strong economic
activity
Focus on high value added activities of the real estate
value chain; quick recycling of capital to maximize returns
Land bank acquisition - Early identification of potential
growth areas. Focus on suburbs of key towns and cities.
Avoid open auction process
Focus on residential segment while having a diversified
product portfolio.
Create a destination by undertaking large mixed use
projects in the suburbs of cities
Maintain edge in product design and quality
Develop and nurture relationships with all stakeholders
Attract and retain high quality talent
RESIDENTIAL PROJECTS
Diverse portfolio of residential products across India
Apartment Complexes
Villa Developments
Golf Course Communities
Developed Plots
Unitech - a trusted brand name
Superior designs and benchmarking of projects to
International Standards
High level of customer satisfaction
Superbrand title in 2004
Premium over neighbouring developments
Leadership in new markets Kolkata a prime example
Focus on middle & upper middle income group
RESIDENTIAL PROJECTS Ongoing Projects
0.8 Multi-Storeyed Greater Noida Cascades
7.0 Multi-Storeyed Greater Noida Uniworld City
0.7 Multi-Storeyed Greater Noida Heights
0.7 Multi-Storeyed Gurgaon Escape
1.1 Multi-Storeyed Gurgaon Harmony
1.1 Villas Gurgaon Espace
1.0 Multi-Storeyed Gurgaon Uniworld Garden
1.6 Multi-Storeyed Gurgaon Fresco
32.0 Total
4.0 Other Ongoing Projects
4.2 Multi-Storeyed Kolkata Uniworld City
2.0 Multi-Storeyed Greater Noida Habitat
2.3 Multi-Storeyed Greater Noida Horizon
1.7 Multi-Storeyed Gurgaon Uniworld Spa
3.0 Multi-Storeyed Gurgaon Close
Approx. Area (in mn sqft) Type Location Project
120 Township Hyderabad Oasis
749 Total
45 Multi-Storeyed Chennai Oasis
55 Multi-Storeyed Kolkata Uniworld City
189 Township Gurgaon Uniworld Resorts
340 Multi-Storeyed Noida Unitech Grande
Approx. Land Area
(in acres)
Type Location Project
RESIDENTIAL PROJECTS Upcoming Projects
RESIDENTIAL PROJECTS
COMMERCIAL PROJECTS
Unitech enjoys a leading position in the Grade A office market in the NCR, esp. Gurgaon with over
3mn sq ft of completed development
Marquee clients including Fidelity, Master Card, Hewlett Packard, Gillette, Hewitt, Vertex, Keane,
Convergys, EDS
Existing occupants prefer to lease additional space from Unitech
Mix of various office types
Built-to-suit (e.g. leading international consulting firm)
Customized facilities
Multi-tenanted
Prime Locations near commercial heart of Gurgaon & other cities
Completed Development: Signature towers, Unitech Business Park, Cyber Park
Accelerating business from new clients
World-class standards renowned architects, efficient and elegant designs
Campus developments scale-up options to clients
Value additions: common amenities, maintenance, risk and disaster management etc.,
COMMERCIAL PROJECTS
OVERVIEW UNITECH CORPORATE PARKS PLC
Isle of Man company investing in Indian real estate, primarily focused on Information
Technology (IT) Parks/IT Special Economic Zone (SEZ) developments
Fully seeded portfolio
Majority stake in all seed portfolio assets
High quality seed portfolio
Over 21 mn sq.ft of leasable area
Strategic location of seed assets
Highly visible development plan construction already commenced in 4/6
properties
Right of First Refusal on future Unitech IT Parks/IT SEZ developments with a
projected built up area of more than 1 mn sqft
Unitech to co-invest in all projects along with UCP
Access to local knowledge and superior execution capabilities through investment
management and project management relationship with Unitech and affiliates
Experienced board with majority of independent directors
Intends to target developments which it believes could generate a project level IRR
of at least 25%
UCP-Corporate Structure
The corporate structure provides significant
tax and regulatory benefits
The structure enhances the flexibility for
UCP to exit through shares of Mauritius
SPVs or India SPVs
Opportunities to exit to international or
Indian investors
Other benefits include
No capital gain on sale of shares of
Indian/Mauritius SPVs
Dividend distribution tax in Indian SPVs
can be partially offset in Mauritius
SPVs
No obligation on UCP to register for
VAT as the principal activity is to invest
in subsidiaries
Unitech
Corporate
Parks Plc
Isle of Man
Cyprus
Nectrus Ltd.
(Investment
Advisor)
Candor
Investments
Limited
Tulipa
Investment
s Inc
Gladiolys
Realty Inc
Acacia
Properties
Inc
Dotterel
Estates Inc
Sparrow
Properties
ltd.
Myna
Holdings
Ltd.
Mauritius
G1 ITC G2 IST N1
N2
N3 K1
India
Unitech or Affiliates
Investment Management
Agreement
40%
60%
-
40% 40% 40% 40% 40%
60%
-
60%
-
60%
-
60%
-
60%
-
100% -
HIGH QUALITY FULLY SEEDED PORTFOLIO WITH FUTURE AVENUES FOR GROWTH
All seed assets located in prime sub-urban locations
Excellent proximity to major vehicular arteries
All seed assets designed by internationally acclaimed architects
Project specifications meet needs of top tier tenants
Modular development and scale attractive to growing tenants
Four of the six seed assets have already achieved ground breaking
Remaining projects underway shortly
All Construction expected to be complete by April 2010 subject to receipt
of all necessary approvals
Superior transparency and understandability of assets
Right of first refusal on future Unitech IT parks/IT SEZ developments
with a projected built up area of more than 1 million sq ft
New markets may include Chennai, Hyderabad and Kochi
Highly visible
development plan
State of the art
architecture
Strategic location
within micro-markets
Future avenues to
portfolio growth
SUMMARY OF SEED PORTFOLIO
Formal Approval from board of
approval
100,000 4,250,773 Kolkata IT Park built over 45.4 acres in Kolkata K1
Seed Portfolio Assets Snapshot
Non-SEZ 60,000 1,971,590 Noida (NCR) IT Park built over 19.3 acres in Sector
62, Noida
N1
Formal Approval from board of
approval
60,000 3,069,177 Noida (NCR) IT Park built over 29.7 acres in Sector
135, Noida
N2
Formal Approval from board of
approval
100,000 4,847,055 Greater Noida
(NCR)
IT Park built over 50.0 acres in Greater
Noida
N3
Formal approval from Board of
Approval
Forma approval from Board of
Approval
SEZ Status
21,051,408
3,699,076
3,213,737
Office Area (sq
ft)
420,000 197.5 acres Total
50,000 Gurgaon (NCR) IT Park built over 28.4 acres on old Delhi
Gurgaon Highway
G2 IST
50,000 Gurgaon (NCR) IT Park built over 24.7 acres in close
proximity to NH - 8
G1 ITC
Retail Area (sq ft) Micro Market Description Name
Note: Given areas are estimates and are subject to change
INVESTMENT POLICY
Invest in FDI compliant IT
park and IT SEZ
development projects
Focus on established/
upcoming IT hubs
Will acquire majority stake in
assets
Co-investment by Unitech in
all assets
ROFR over applicable
projects
INVESTMENT
Unitech affiliate to be
responsible for development
and leasing
Board to monitor
performance to ensure
minimum deviation from
business plan
All developments to exhibit
high quality design
standards
Timely completion targeted
by leverage of internal
expertise and relationships
with high quality vendors
High quality tenants sourced
through existing network
and Unitech reputation
DEVELOPMENT
Company will target exit
through sale of shares at India
or Mauritius level or sale of
assets
Potential buyers include
REITs, international
institutional investors and
property funds, and possibly
Unitech or other Indian real
estate companies
Exit and reinvestment/
distribution decisions will
consider
Maximization of value
Return expectations
Alternative investment
opportunities
Regulatory framework
EXIT/REINVESTMENT
INVESTMENT MANAGEMENT TERMS
Company Term
The company will have an initial offering period of 8 years. The life may be extended by
A majority vote of the Board or
Special resolution of the shareholders (75% majority)
The renewal period may be 1-3 years and the Companys operating shall not extend
beyond year 12
Re-investment and
Distribution
The net returns made by the Company will be available for reinvestment
The Board will determine the dividend/distribution policy and will consider making
distributions after the first 3 years of the Companys life
Corporate Governance
The Company will invest as a majority shareholder but shall not invest in excess of 74% of the
equity in any project
Unitech will maintain a minimum 26% equity stake in any project in which Company is invested
The Company will have a Right of First Refusal for all Unitech qualifying IT Park and IT SEZ
development projects with a minimum expected built up area of 1 mn sq. ft.
Majority of the board of directors will be independent
INVESTMENT MANAGEMENT TERMS
Management Fees
The Asset Manager will be paid quarterly in arrears fees of 0.50% (2.0% annually) of the
Companys average invested equity capital on the applicable historical cost basis
Performance Fees
The First Performance Benchmark (FPB) of the Company will be a 10% Project IRR and
the Second Performance Benchmark (SPB) of the Company will be a 20% Project IRR
The Asset Manager will receive a Performance Fee from the Company of 20% of the net
cash flow generated in excess of the FPB up to the SPB and 30% of net cash flow
generated in excess of the SPB
Upon sale of an asset, 75% of the Performance Fee will be paid immediately and 25% will
be held in escrow
At the end of the Companys life, the overall Project IRR for the combined portfolio of
Company investments will be determined and Total Performance Fees Due will be
determined and escrow distributed accordingly
No clawbacks of Performance Fees previously paid to the Asset Manager
RETAIL PROJECTS
Developed the largest mall in India at Noida lettable area of
1 mn sqft
Has a tenant profile that includes almost every major retail
chain in India
High street lifestyle shopping over 220,000 sqft developed at
Rohini, Delhi
Tenants includes Levis, Benetton, Addidas, Nike, Bossini,
Liliput, Titan, Gini and Jony, Pantaloon etc.,
Aggressive plans to develop malls in other markets
Developing convenience shopping centres as part of township
development.
Developing International Logistics City Supply chain
infrastructure for retail
ENTERTAINMENT PROJECTS
Developing some of Asias largest amusement parks
Ideal location and huge market opportunity
JV partnership provides mix of amusement park operating and
real estate development skills
Alliance with Turner International for Pogo & Cartoon Network
Commercial real estate component of Unitechs amusement
parks provide significant value creation potential
73 Chandigarh Chandigarh Entertainment City
282 Total
62 Delhi Adventure Island
147 Noida Entertainment City
Area (Acres) Location Projects
HOSPITALITY PROJECTS
Target all hotel categories with customized fit-to-market offerings:
Luxury Business Hotels
Serviced Apartments
Resorts
Limited Service Hotels (Management/ Franchisee)
Our hotel strategy will be focused on building hotels as an integrated part of our
real estate projects
Unitech will focus on hotel development and construction
Internationally recognized operators will manage hotels/ resorts
Initially target key metro markets and select other cities
Signed agreement with Marriott for 832 rooms in the next 3 years
In dialogue for additional properties with Marriott/ other hotel chains
Brand Neutral Maximize exit valuations
Land available for developing 28 hotels/serviced apartments
HOSPITALITY PROJECTS
SPECIAL ECONOMIC ZONES - SEZs
Unitech is working closely with various state governments to
develop SEZs across the country
Unitech is focusing on developing multi-product SEZs and also
sector specific SEZs (IT/Auto)
Unitech has received an in-principle approval for development of
Multi-Product SEZ at Kundli, Haryana over 9884 acres. It is
expandable to 20,000 acres
Unitech is part of the consortium New Kolkata International
Development Pvt. Ltd. which signed an agreement with Government
of West Bengal for developing 2 SEZs at Haldia Petrochemical
SEZ over 10,000 acres and a multi-product SEZ over 12,500 acres
Unitech has received an in-principle approval for development of an
Auto component SEZ in Gurgaon over 250 acres
In-principle approval received for developing an Apparel SEZ in
Gurgaon in over 250 acres
OTHER AREAS OF BUSINESS
Infrastructure development:
Unitech was among the first players to enter organized Infrastructure
development in India
Wide experience
Roads & Highways
Bridges
Industrial civil structures
Power plant chimneys
Transmission towers & turnkey projects
Experience across domestic & international projects
Currently executing only non Unitech projects
Strong synergies with our real estate business
Facilities management business through a partnership with Trammell Crow
Developing golf courses and golf communities
DEVELOPMENT PLAN SUMMARY
13.0 232 Siliguri
11.45 546.13 14638 Total
1.6 34..1 1500 Varanasi
1.31 31.36 1500 Agra
.3 12.55 423 Mohali, Chandigarh
9.92 103 Bangalore
.41 18.7 359 Hyderabad
.40 38.34 673 Kochi
4,8 167.06 5198 Kolkata
1.42 104.7 2085 Chennai
1.21 116.40 2565 NCR
(million sq. yard) (million sq.ft) (in Acres)
Estimated Total Saleable Area Total Land Area City/Region
Share of Unitech in land at certain locations is less than 100%. Unitechs share in total land shown above is approx. 10700 acres
STRENGTHS
Scale of operation and experience in execution of large projects better positions us to identify and
successfully implement new projects
Ability of the management to identify and procure land parcels in strategic locations with high profitability
prospects
Unitech is an established brand and is associated with a high level of trust amongst customers and
suppliers.
Unitech was bestowed upon the title of Super Brand by Super Brand India in September 2004 one of the
only 100 business brands to be conferred such title in the country
Unitechs projects are known for their design, construction and innovation
Unitech has well qualified and experienced employee base and proven management team. Attracts high
caliber management and technical professionals due to its leadership position and progressive people
practices
Unitechs experience and expertise in the construction business can be leveraged to build its real estate
business
Unitechs good working relationships with financial institutions, enhances its ability to raise funding for
large projects at competitive rates
Ability to work and effectively liaise with government agencies to ensure timely completion of projects
FINANCIALS (CONSOLIDATED)
10.45 39.81 Total Debt
67.33 16.09 EPS (in Rs.)
2.47 18.80 Reserves (excluding revaluation reserve)
10 2 Face Value (in Rs)*
0.12 1.62 Paid Up Equity Capital*
0.88 13.06 Profit after tax
3.98 14.30
Total Cash (including investments in liquid
instruments
1.39 17.92 Profit before Tax
0.11 0.08 Depreciation
0.46 3.02 Interest
7.30 12.87 Total Expense
9.26 33.88 Total Income
FY06 (Rs. in billion) FY07 (Rs. in billion)