Noida Authority Set to Approve Unitech's RevisedBuilding Plansby May 31

Noida authority to approve Unitech's revised building plans by May 31, following Supreme Court directive, to facilitate completion of 10 stalled projects. Supreme Court orders Unitech's board to resume construction work, prioritizing homebuyers' interests.

author-image
Rafia Tasleem
New Update
Noida Authority Set to Approve Unitech's RevisedBuilding Plansby May 31

Noida Authority Set to Approve Unitech's RevisedBuilding Plansby May 31

The Noida authority is set to grant approval to Unitech's revised building plans by May 31, following a directive from the Supreme Court. This development brings hope to thousands of homebuyers who have been waiting for over a decade for the delivery of their residential units across 10 projects in Noida and Greater Noida. The Supreme Court's intervention aims to facilitate the completion of these stalled projects, which will provide relief to the affected homebuyers.

Why this matters: The approval of Unitech's revised building plans has significant implications for the Indianreal estate sector, as it sets a precedent for resolving stalled projects and protecting homebuyers' interests. Furthermore, the timely completion of these projects will not only bring relief to thousands of homebuyers but also boost the economy by injecting confidence in the market and generating employment opportunities.

Despite Unitech's outstanding land cost dues of ₹11,000 crore, the Supreme Court has instructed the Noida authority to approve the revised plans. Chief Justice of India Dhananjaya Y Chandrachud stated,"At this stage, we are of the view that the industrial development authorities (Noida and the Greater Noida) must proceed to issue all necessary sanctions and approvals in respect of the projects of Unitech over the leased lands. "This directive emphasizes the court's commitment to prioritizing the interests of the homebuyers and ensuring the timely completion of the projects."

In addition to the approval of revised plans, the Supreme Court has ordered Unitech's board to resume construction work to expedite the delivery of units to homebuyers. The board, which was taken over by government appointees in 2020 following widespread financial wrongdoings, has been tasked with overseeing the completion of the projects. YS Malik, Chairman of Unitech's board, stated, "We have approved the contractors in accordance with the rules since the process was already underway. And we submitted the details before the Supreme Court. The Supreme Court has approved the contractors, now the ball is in the court of the Noida authority.

The Noida authority is diligently studying the Supreme Court order to prepare a comprehensive plan for dealing with Unitech's realty projects. Lokesh M, CEO of the Noida authority, stated,"Our legal department is studying the Supreme Court order in detail and once that is done, we will take appropriate steps as per the law. The authority has been given a month's time to approve the layouts and maps, and to confirm 38 tenders approved by the board, to ensure a smooth and efficient process.

Unitech's housing projects, located in sectors 96, 97, 98, 113, and 117 in Noida, have been stalled for over a decade. The civil work is partially complete, and the sites have been left in a state of disrepair. Homebuyers who have invested significant amounts of money in these projects are hopeful that the Supreme Court's directive will finally lead to the delivery of their long-awaited homes. Saurabh Aggarwal, President of the homebuyers association of one of the Unitech projects, expressed optimism, saying,"We hope now after SC's current directive the Noida authority will approve the building maps. And the SC's approval of the contractors is also a positive step since the work can start at the site.

The Supreme Court's intervention and the Noida authority's commitment to approving the revised plans by May 31 herald a major breakthrough in resolving the long-standing issues faced by Unitech's homebuyers. The timely execution of the approved plans and the cooperation of all stakeholders will be essential in ensuring that the affected homebuyers finally receive the homes they have been waiting for. The road ahead may still present challenges, given the complexity of the projects and the extensive delays they have already faced, but the recent developments offer a glimmer of hope for a resolution.

Key Takeaways

  • Noida authority to approve Unitech's revised building plans by May 31.
  • Supreme Court's directive aims to facilitate completion of 10 stalled projects.
  • Approval sets precedent for resolving stalled projects and protecting homebuyers.
  • Unitech's board to resume construction work to expedite unit delivery.
  • Noida authority to study Supreme Court order and prepare a comprehensive plan.