New Delhi: In a big assistance to more than 19,000 home buyers who ordered a flat around a decade back in Unitech but was still awaiting ownership, the center of the Directors appointed told the Supreme Court on Tuesday that real estate companies, who have been in a messy financial, arranged for revived and flat will be submitted gradually in four years.
The management of Istama, led by the promoter of Sanjay Chandra, was transferred by the APEX court after it was found that a large amount of home buyer’s money sucked, producing a large financial crisis and termination of buyers who left buyers in trouble.
Chandra and his younger brother were in prison for cheating home buyers.
Expressing belief that it will be able to complete 78 Unitech projects and 13 unfinished projects, the council says 15,000 buyers have expressed faith in new management because it is only a 10% refund that is sought.
‘2.5k Unitech Flat will be submitted within a year, 5,000 in 24 months in the APEX court after giving them the last chance, who want a refund, to choose a flat.
Additional lawyers General N Venkataranan, appeared for the company, told Judge Dy Chandrachud and Mr.
Shah, which was only around RS 5,000 Crore needed to complete the construction while the total amount that could be restored was around Rs 30,000 Crore, which included funds diverted by promoters and numbers which must be paid by the home buyer.
He said funds can be raised on a different front, including the balance receivable from the buyer around Rs 3,354 Crore.
According to the resolution plan, RS 1,322 Crore can be restored by land parcels sales, RS 3,523 Crore from unsold inventory monetization and RS 5,641 crore from land parcels in Noida.
He said the shipments were largely in three years.
As planned, 2,500 units will be submitted within a year, 5,000 in 12-24 months, 5,000 units in 24-36 months and the remainder between 36 and 48 months.
However, new management argues that houses will be sent at ordered prices regardless of hose 8-12 years.
It is said to be not interested in charged from home buyers because of the default in payment and also there is also no delay delay and delay in interest on home buyers.
CMD Yudhvir Singh Malik, a retired IAS Officer, said home buyers should not be allowed to get a return on their investment due to the Crunch Crunch faced by the company and that they must be asked to complete their contributions to complete construction.
He said the estimated construction costs were Rs 5,000 Crore and but in construction cases were not carried out, refunds would amounted to almost RS11,173 Crore.
“Because the company has lacked money and has no reserves, it is proposed that no refunds made for home buyers and ownership are the only purpose.
This will include even cases where litigations are delayed for refunds or orders for refunds It has been passed by the consumer forum or other court, “said the plan.
Bench, after that, give one more chance to 4,000 home buyers, who are looking for refunds, to change their minds and choose flats.