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Five associations representing Unitech Ltd homebuyers have urged the government and Supreme Court to expedite the appointment of a new chairman and managing director and allow monetisation of the developer’s unsold assets to fund stalled housing and commercial projects. The CMD position has remained vacant since Yudhvir Singh Malik’s tenure ended on 20 July 2026. Unitech’s projects, primarily in Delhi-NCR, have faced delays of more than 15 years, leaving around 15,000 customers awaiting delivery. Buyers estimate that INR 11,000–12,000 crore is required to complete the stalled developments, while around INR 3,000 crore could be contributed by customers. The associations have made separate demands concerning lenders’ claims, an audit of loans and priority for homebuyers in the resolution process.
Unitech Ltd homebuyers have called for urgent action to restart construction at the developer’s stalled projects, citing a funding shortfall and the vacant chairman and managing director (CMD) position. Five associations representing thousands of buyers have urged the government and Supreme Court to facilitate the appointment of a new CMD and permit the auction or monetisation of the company’s unsold assets to generate funds for construction.
The CMD position has been vacant since the tenure of Yudhvir Singh Malik ended on 20 July 2026. The homebuyer associations have called for his successor to be appointed at the earliest, arguing that the absence of a full-time CMD is one of the obstacles to moving stalled projects forward.
Unitech has been facing a severe cash crunch, with delays in the delivery of housing and commercial projects extending beyond 15 years, particularly across Delhi-NCR. Around 15,000 customers are currently affected across the company’s projects. Buyers have proposed that unsold properties be auctioned to raise funds required for construction and project completion.
The five associations include Espace Premiere Owners Association, Alder Grove Villa Owners Welfare Association, The Uniworld Chennai Owners’ Association, Association of Home Buyers of Unitech’s Anthea Floors and Uniworld Social & Cultural Welfare Society. They have issued separate statements seeking intervention from the government and the apex court.
The Gurugram-based Espace Premiere Owners Association said buyers who booked homes during 2010–11 and were originally promised possession in 2013–14 were still awaiting completion. Its president Vibha Batra identified the absence of a CMD and inadequate construction funding as two major impediments. The association estimates that INR 11,000–12,000 crore is required to complete the stalled projects, while customers could contribute around INR 3,000 crore.
The Uniworld Chennai Owners’ Association has also sought urgent intervention from the Supreme Court and said the Ministry of Corporate Affairs has submitted its nominee for the CMD position, with the appointment awaiting court approval.
Other associations have raised issues concerning lenders and financial oversight. Alder Grove Villa Owners Welfare Association has called for lenders’ claims to be reassessed and opposed interest payments to them. The Association of Home Buyers of Unitech’s Anthea Floors has sought a special Reserve Bank of India audit of loans extended to Unitech since 2005, including scrutiny of their sanctioning and monitoring, along with penalties where lapses are established.
Uniworld Social & Cultural Welfare Society has sought priority for homebuyers in the resolution process. Its president Manish Gandhi said buyers were seeking removal of the remaining procedural obstacles, approval of the CMD appointment and lawful monetisation of Unitech’s assets so construction could resume.
Unitech’s board was superseded by the central government in 2020 following directions from the Supreme Court. The Ministry of Corporate Affairs subsequently proposed a new board, which the apex court approved on 20 January 2020. In FY2025-26, Unitech reported a consolidated net loss of INR 2,455.73 crore, while total income stood at INR 566.80 crore.
Source - PTI
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