Noida Authority approves changed plans for all Unitech projects
Real Estate

Noida Authority approves changed plans for all Unitech projects

Following a Supreme Court order, the Noida Authority has approved the revised layouts for all Unitech projects in the city.

Initially, the court had directed the Noida Authority to approve revised layout plans on all land allocated to Unitech without insisting on the recovery of dues, which total nearly Rs 110 billion. However, a revised order on April 26, 2024, divided the land into two categories: areas where homebuyers have been allocated flats and plots, and areas where projects have not yet been launched. Layout approvals pertain to sections where projects have already been launched.

Unitech, now managed by a government-appointed board, is tasked with delivering incomplete flats to homebuyers. According to Noida Authority data, Unitech possesses 443 acres of land across three parcels. Layout approval has been granted for projects on 246 acres, while 197 acres remain vacant.

Approximately 5,500 homebuyers have purchased flats and villas in these projects and have been waiting for possession for 10 years. With the new approvals, construction can resume.

YS Malik, a former IAS officer and Chairman, Unitech board since 2020, stated that contractors have been finalised for several batches of tenders. Construction will commence once environmental clearances are obtained.

Regarding the vacant land, Malik mentioned plans to present the layouts to the Supreme Court to seek guidance on developing the necessary civic amenities. He emphasised the need for continuity in amenity development, expressing concern about the manner of sanctioning these facilities.

In Sectors 96, 97, and 98, Unitech launched three projects: Amber, Burgundy, and Willows 1 and 2. There are 638 homebuyers in these projects, with 178 requesting refunds. Noida Authority has approved 818 units on 164 acres, while 180 acres remain vacant. The total dues for these projects up to April 30, 2024, amount to ?7,747.84 crore.

In Sector 113, Unitech launched Unihomes 3, which has 1,621 homebuyers, 941 of whom have sought refunds. Noida Authority has approved 1,751 units on 26.5 acres, with about 9 acres vacant. The total dues for this project are ?900 crore.

In Sector 117, Unitech launched Exquisite, The Residences, Unihomes 1 and 2, Uniworld, and Gardens, comprising 3,327 homebuyers, with 1,036 requesting refunds. Noida Authority has approved 3,728 units on 56 acres, with 8.7 acres left vacant. The total dues up to April 30, 2024, are ?2,066 crore.

In its April order, the Supreme Court acknowledged Noida Authority?s concerns about vacant land parcels. The Authority wanted the Unitech board to return the vacant land. However, the court deferred the decision on vacant land and stated that the issue of dues would be resolved later. Unitech has proposed constructing new towers and plotted houses in the vacant areas to generate capital and resources to complete its existing projects.

(Source: ET& TNN)

Following a Supreme Court order, the Noida Authority has approved the revised layouts for all Unitech projects in the city. Initially, the court had directed the Noida Authority to approve revised layout plans on all land allocated to Unitech without insisting on the recovery of dues, which total nearly Rs 110 billion. However, a revised order on April 26, 2024, divided the land into two categories: areas where homebuyers have been allocated flats and plots, and areas where projects have not yet been launched. Layout approvals pertain to sections where projects have already been launched. Unitech, now managed by a government-appointed board, is tasked with delivering incomplete flats to homebuyers. According to Noida Authority data, Unitech possesses 443 acres of land across three parcels. Layout approval has been granted for projects on 246 acres, while 197 acres remain vacant. Approximately 5,500 homebuyers have purchased flats and villas in these projects and have been waiting for possession for 10 years. With the new approvals, construction can resume. YS Malik, a former IAS officer and Chairman, Unitech board since 2020, stated that contractors have been finalised for several batches of tenders. Construction will commence once environmental clearances are obtained. Regarding the vacant land, Malik mentioned plans to present the layouts to the Supreme Court to seek guidance on developing the necessary civic amenities. He emphasised the need for continuity in amenity development, expressing concern about the manner of sanctioning these facilities. In Sectors 96, 97, and 98, Unitech launched three projects: Amber, Burgundy, and Willows 1 and 2. There are 638 homebuyers in these projects, with 178 requesting refunds. Noida Authority has approved 818 units on 164 acres, while 180 acres remain vacant. The total dues for these projects up to April 30, 2024, amount to ?7,747.84 crore. In Sector 113, Unitech launched Unihomes 3, which has 1,621 homebuyers, 941 of whom have sought refunds. Noida Authority has approved 1,751 units on 26.5 acres, with about 9 acres vacant. The total dues for this project are ?900 crore. In Sector 117, Unitech launched Exquisite, The Residences, Unihomes 1 and 2, Uniworld, and Gardens, comprising 3,327 homebuyers, with 1,036 requesting refunds. Noida Authority has approved 3,728 units on 56 acres, with 8.7 acres left vacant. The total dues up to April 30, 2024, are ?2,066 crore. In its April order, the Supreme Court acknowledged Noida Authority?s concerns about vacant land parcels. The Authority wanted the Unitech board to return the vacant land. However, the court deferred the decision on vacant land and stated that the issue of dues would be resolved later. Unitech has proposed constructing new towers and plotted houses in the vacant areas to generate capital and resources to complete its existing projects. (Source: ET& TNN)

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