Lawstreet Journal

Delhi Will hand over 15,000 flats in 4 years: Unitech Board of Directors to SC

Lawstreet Journal 27 Jul 2020 10:44pm

Image courtesy: Lawstreet Journal Business Delhi Will hand over 15,000 flats in 4 years: Unitech Board of Directors to SC

The center-appointed Unitech Board of Directors assured the Supreme Court on July 22 that it will complete all residential and commercial projects for the real estate company within four years in phases and hand over the ownership of more than 15,000 invested buyers who had invested their money almost a decade back.

Group Chairman and Managing Director Yudvir Singh Malik, a retired IAS officer, said that when submitting a settlement plan to the summit court to obtain their approval to begin construction work, they should not be allowed to Homebuyers recoup their investment due to the cash crisis facing the company and they must be required to pay off the outstanding amount. To complete construction work. He said that the estimated construction cost is Rs. 5,000 crores, but in case the construction is not implemented, refunds will amount to nearly Rs 11,173 crore.

"Since the company is already experiencing financial difficulties and has no reserves, it is suggested that money not be returned to home buyers and that the delivery of possession is the sole objective. It will even include those cases where claims are awaiting recovery. "The consumer or any other legal court”. He also said that home buyers would not be entitled to any compensation for delay in work on the project under the previous administration.

Terming the present financial position of the group as "dismal" said the company has a huge liability of more than Rs. 28,000 crores, while its current realizable assets, according to the accounting books, are Rs… Continue Reading...

Tagged: Unitech  
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