India's second-biggest reality developer, Unitech Ltd has announced its financial results for the third quarter of current financial year, posting 74 per cent decline in net profit.

The reality giant suffered huge losses due to decline in demand following break out of global financial crisis and tight financial conditions of monetary market.

High lending rates on home loans and rise in input costs helped to decline its sales in the reporting quarter. Sanjay Chandra, MD of Unitech Ltd. said, "It (Q3) was characterized by tight liquidity conditions and significant demand slowdown across segments. Consumer sentiment continues to be weak."

The firm registered 56.48 per cent fall in income to Rs 507 crore due to decline in demand of commercial property.