In Noida, the fate of Unitech housing projects hangs in the balance as thousands of anxious homebuyers await a crucial Supreme Court hearing. The projects, delayed for years due to the company's promoter's legal troubles, are now under a government-appointed board. The Supreme Court had earlier directed the submission of revised layout plans, emphasizing the commencement of construction without upfront payment of dues. The recent court order urged collaboration between Unitech and Noida Authority to resolve issues. Noida Authority, however, insists on clearing the realtor's Rs 10,000 crore dues before approving revised maps.
In a crucial turn of events for Unitech's housing projects in Noida, an upcoming Supreme Court hearing has captured the attention of anxious homebuyers. The fate of these projects, plagued by delays and lack of progress due to the company's promoters facing legal consequences, now rests on the court's decision. The Supreme Court, having previously granted permission for a government-appointed board to submit revised layout and building plans for nearly 10 projects in Noida, is set to address the matter in its next hearing. The board's involvement came as Unitech's promoters faced legal troubles, leading to the transfer of control to the government-appointed entity. In a recent directive on November 3, the Supreme Court instructed the Unitech board and the Noida Authority to come to mutually agreed terms before finalizing layout plans. The court order emphasized the need to balance the commencement of construction with the legitimate concerns of planning authorities. However, a hurdle has emerged as the Noida Authority expressed reluctance to approve the revised maps until Unitech clears its substantial Rs 10,000 crore dues. Additionally, objections have been raised regarding Unitech's claims of third-party rights on vacant lands, with officials asserting that prime land parcels remain unclaimed. Unitech's management had previously sought exemptions from dues to kickstart pending works and enable the delivery of possession to homebuyers. The company proposed constructing new towers in undeveloped areas to generate capital for completing stalled projects, as outlined in its resolution plan submitted to the Supreme Court. The revised plan indicated that the plotted development of Noida land parcels could generate Rs 5,641 crore, while the cost of completing existing projects exceeded Rs 1,800 crore. Of the total 6,944 units launched in 10 projects across Noida, 5,980 units were sold, but the delivery of 5,153 units is still pending. Following the November 3 Supreme Court order, Unitech management granted homebuyers until December 15 to decide between a refund or flat possession. Homebuyers opting for possession after previously receiving partial refunds are required to deposit the refunded amount within eight weeks. Unitech management affirmed progress in awarding construction contracts through 49 tenders, signalling the potential commencement of construction at project sites across the nation, including Noida, Greater Noida, Gurugram, Kolkata, Ambala, and Bhubaneshwar.
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