New Delhi, Aug 1 - Realty major Unitech Ltd's first quarter profit fell 63 percent from Rs.4.23 billion to Rs.1.58 billion due to the sluggish demand for housing.

Net income fell to Rs.1.58 billion ($33 million) for the quarter ended June 30, from Rs.4.23 billion, the developer said in a statement.

Sales halved to Rs.5.15 billion during the quarter, from Rs.10.3 billion a year earlier.

Unitech raised Rs.54 billion from sale of shares and other properties in the quarter ended June 30 to pay debt and smooth financing of pending projects.

The company has restructured almost 95 percent of its debt. It has reduced its debt from Rs.109 billion to Rs.89 billion, its official website said.