Thursday, July 18, 2024
HomeHomeUnitech Projects in Noida and Greater Noida Receive Supreme Court Mandate for...

Unitech Projects in Noida and Greater Noida Receive Supreme Court Mandate for Revised Building Plans

Supreme Court Orders Approval of Revised Building Plans for Unitech Projects in Noida and Greater Noida

In a significant ruling, a bench headed by Chief Justice of India Dhananjaya Y Chandrachud mandated planning authorities to approve revised building plans by May 31 for 10 real estate projects in Noida and Greater Noida, covering all aspects including residential units and amenities.

These projects, expected to deliver around 15,000 residential units, have seen delays and financial irregularities, prompting government intervention in 2020. The court stressed the need for homebuyers’ funds to be utilized for construction to instill confidence among buyers.

The decision follows a proposal by the government-appointed board overseeing Unitech, the company behind these projects, seeking approvals to complete flats, sell unsold inventory, and utilize vacant land. The board highlighted rising construction costs exceeding ₹11,000 crore and the necessity for approvals to proceed.

While acknowledging Unitech’s surplus funds, including ₹8,000 crore from unsold flats and ₹3,200 crore from pending homebuyers, the court rejected its plea to use vacant land, citing adequate funds from other sources.

The ruling is expected to benefit nearly 2,000 flat buyers, including those facing medical emergencies or advanced age. The court ordered a committee to review individual cases, ensuring refunds if warranted.

Unitech’s former management, accused of cheating homebuyers and money laundering, has been replaced, with the new board promising to deliver 15,000 units within two years.

The court will further examine Unitech’s unpaid dues to Noida and Greater Noida authorities, amounting to thousands of crores, in a subsequent hearing.

Noida authority’s counsel highlighted legal disputes and unpaid dues, urging resolution before project approvals. The court directed authorities to process applications without upfront payment, recognizing homebuyers’ confidence in ongoing construction work.

The Chandra brothers, erstwhile leaders of Unitech, are facing criminal charges for financial wrongdoing, including diverting funds overseas. The Enforcement Directorate’s investigation revealed the diversion of ₹380 crore in homebuyers’ funds to foreign accounts.

Share your news, articles, deals, columns, or press releases with us! Click the link to submit and join our platform today.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments