Noida set to recover unutilised Unitech property over payments

21 Mar 2024 CW Team

The decision regarding the restarting of Unitech's housing projects, which had been stalled for years, will hinge on a choice between prioritising a proposal aimed at reducing the company's legacy dues or one allowing it to raise capital. This matter is scheduled for discussion in April when it comes before the Supreme Court.

The Noida Authority has declined to endorse revised layout maps for housing societies initiated but left incomplete by the real estate company. Initially founded by the Chandras, Unitech was later taken over by a government-run board following their arrest, as per the Supreme Court's directive.

In its submission to the Supreme Court, the Noida Authority has put forth a different approach. Instead of approving the revised maps, they have suggested requesting the Unitech management to return unused project land, which would be offset against its outstanding dues.

Last February, the Supreme Court instructed the Noida Authority to approve the revised maps without insisting on the payment of Unitech's dues. In the revised proposal, Unitech, now under new management, proposed the construction of new towers and independent houses in vacant project areas to generate funds for completing the projects. Unitech has ten projects in Noida, and its ability to leverage land is crucial to its completion strategy, not only for its projects in the city but also elsewhere.

Although the issue of dues might be resolved, Unitech will face challenges in generating funds if the Noida Authority's plan is adopted. Unitech stands as one of the largest defaulters, owing dues of approximately Rs 100 billion. The next Supreme Court hearing is scheduled for mid-April.

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