In NCR, most buyers want government to take over projects, deliver flats

GURUGRAM: Across NCR, a majority of flat buyers in projects by Unitech expressed their disapproval at the Supreme Court’s direction, asking the beleaguered real estate major to sell off all its projects to raise money and pay off buyers. Having waited for many years, and with several towers in many projects nearing completion, they had hoped the government would take over the firm, complete the projects and hand them over.
In Gurugram, where the Supreme Court had directed Unitech to furnish details of their unencumbered assets for these to be put on auction, Tejbir Raparia, who bought a home in Unitech Vistas, said it will take years to refund all buyers their principal amount. “The money could instead have been utilised to complete the projects,” said Raparia, adding only 25% buyers are seeking refund, with the rest hoping to get possession of their homes.
“The court will use all the money from the sale to refund buyers, stopping work even at those towers that are nearing completion,” said Raparia.
Geeta, who bought a flat in Unitech Harmony, said the latest direction of the Apex court won’t resolve the issue. “Court’s job isn’t to auction property. It should have directed the government or another developer to take over and complete the project,” she said. She was disappointed the court had issued contradictory directions — initially refusing auction, then appointing an amicus curae who asked Unitech to deposit Rs 1,000 crore, which too has been whittled down to a mere Rs 90 crore over a period of time.
She also claimed that the auction won’t fetch a high enough amount to refund all the buyers. “Every project has unsold inventory even as other buyers are given possession,” said Geeta, adding a completed project would generate more funds to provide relief to buyers.
Mukesh Sharma, said that only 5,000 of around 17,000 buyers in the Unitech Sunbreeze project are seeking refund, that the project should be sold to another developer to complete under the court or government supervision.
Over in the twin cities of Noida and Greater Noida, Unitech has several projects, of which some are partially occupied while in others, construction hasn’t begun yet. Here too, buyers are divided over the court’s verdict.
Of Unitech’s four projects in Greater Noida, Verve in Pi II, launched in 2008, has 350 flats of which 60 have been delivered. Also in Pi II, Cascades has 355 flats of which 168 have been delivered. Horizon, straddling sectors Pi I and II, has 1,134 flats of which 860 have been delivered, while at Habitat in Sector Pi II, 419 out of 1,100 flats have been delivered.
In Noida, Unihomes in Sector 117 is ready for fit outs, with many residents having already shifted in. Unihomes 2, also in Sector 117, is under construction. At Unihomes 3 in Sector 113, only the structures of towers has been completed. It has 1,576 flats. Unitech Golf and Country Club is entirely under construction.
“The construction at all Unitech projects have come to a standstill. With flats due for anywhere between 5-11 years, our patience has been tested and we went to the court. As buyers of flats in projects where only 10-20% work is left, we want the projects to be completed and handed over. For apartments where construction has not started at all, buyers want refund,” said Ankit Gupta, who represents buyers of Unitech’s Greater Noida projects.