+
Noida set to recover unutilised Unitech property over payments
Real Estate

Noida set to recover unutilised Unitech property over payments

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.

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.

Next Story
Infrastructure Urban

CJ Logistics’ Global CEO visits India to align growth strategy

Jonathan Song, newly appointed CEO of the Global Business Division at South Korea-based CJ Logistics, concluded a strategic three-day visit to India from July 29 to 31, reinforcing the company’s long-term commitment to the market through its subsidiary, CJ Darcl Logistics Ltd. Mr Song held high-level discussions with the CJ Darcl leadership and key customers to understand India’s evolving logistics needs, identify synergy areas, and enhance business alignment. His visit highlighted the strategic significance of India in CJ Logistics’ global network, especially amid the country’s g..

Next Story
Real Estate

Max Towers secures five star rating in safety audit by British Council

Max Estates, a leading NCR-based real estate developer, has achieved a five star rating in its first attempt at the British Safety Council’s ‘Five Star Occupational Health and Safety’ Audit for Max Towers, its premium commercial office project in Noida. The grading reflects the organisation’s commitment to the continual improvement of its occupational health and safety systems. The comprehensive audit covered documentation, interviews with senior management and employees, stakeholder feedback, and rigorous sampling of on-ground activities. It assessed performance against best prac..

Next Story
Real Estate

India’s Tier 2 & 3 Cities: The Next Growth Frontier for Real Estate

Introduction India’s metropolitan cities have long dominated the real estate landscape, shaping both market trends and public discourse, but the narrative is shifting towards India’s tier 2 and 3 cities. Beyond the metro cities, Tier 2 and Tier 3 cities such as Indore, Ahmedabad, Chandigarh, Jaipur, Coimbatore, Lucknow, Bhubaneswar, Kochi, Surat, Guwahati, and many others are emerging as vibrant real estate hubs. This growth is driven by impetus from rapid urbanisation, logistics corridors like the Delhi Mumbai Industrial Corridor, IT/ITeS investment zones, emergence of global capabil..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?