New Delhi, Jan. 13: Unitech Limited has rescheduled loans of Rs 1,000 crore to banks out of the Rs 2,500 crore it needs to pay by March this year.

The company has a total debt of about Rs 8,000 crore.

Real estate firms have been facing a cash crunch ever since the global slowdown hit the sales of houses in the country.

The Reserve Bank of India recently relaxed asset classification norms for commercial real estate advances, which are restructured up to June this year.

“As real estate is facing difficulties, it has been decided to extend exceptional or concessional treatment to the commercial real estate exposures, which are restructured up to June 30, 2009,” the RBI had said.

Last month, Unitech chairman Ramesh Chandra had said the company was working on options to mobilise about Rs 2,500 crore to reduce its debt. Sale of some projects or offloading equity were among the options considered, he said.

“Debt is about Rs 8,000 crore. In another 4-5 months, we should be able to bring it to half,” Chandra said.