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The Supreme Court has reiterated its focus on ensuring delivery of homes to around 22,000 buyers affected by delayed Unitech projects. It has asked the government-appointed board, banks, and financial institutions to submit practical solutions to resolve the long-pending issue. Inputs have also been sought from homebuyers and land authorities. With total dues at about INR 14,129.85 crore and past concerns over fund diversion, the matter remains complex. The case, under review since 2016, is now moving towards a more structured resolution aimed at completing stalled housing projects.
The Supreme Court has stated that its main objective is to ensure that nearly 22,000 homebuyers of Unitech Ltd receive their homes, as it continues to oversee the resolution of long-delayed housing projects. Advertisement
A bench comprising Justices JB Pardiwala and KV Viswanathan asked the government-appointed board managing Unitech, along with banks and financial institutions, to submit workable suggestions to resolve the issue. The court also directed homebuyers’ representatives and land-owning authorities to file brief written inputs so that all stakeholders are part of the solution process.
The projects have remained incomplete for several years, leaving thousands of buyers waiting for possession. Unitech, once among the country’s large real estate developers, has been under a government-appointed board since the Supreme Court intervened earlier to replace its previous management and stabilise operations.
During the hearing, Additional Solicitor General N Venkataraman, appearing for the board, informed the court about financial and operational challenges affecting execution. He indicated that the current board may step aside if a new structure is considered more effective in handling pending issues, including completion of nearly 22,000 units across projects.
The court conveyed that the focus should remain on completing homes rather than prolonging litigation. It called for a practical and implementable approach and asked lenders, including banks and asset reconstruction companies, to suggest ways to break the current deadlock.
The total outstanding dues linked to Unitech stand at around INR 14,129.85 crore. The bench also raised concerns over how funds collected from homebuyers were used in the past. It was submitted during the proceedings that former promoters had diverted funds to offshore entities, which contributed to the financial stress and delays in project execution.
The matter has been under the Supreme Court’s consideration since 2016. Over the years, the court has taken several steps to revive stalled projects, including allowing certain relaxations to enable funding and improve execution. It has also monitored the functioning of the government-appointed board to ensure progress on the ground.
The court is now examining a broader resolution framework and is expected to take further steps after reviewing suggestions from all stakeholders involved in the process.
Source PTI
5th Jun, 2025
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