Unitech homebuyers seek a refund from developer: Rera

Unitech had planned housing projects in Noida’s sectors 96, 97, 98, 113, and 117. Most of these sites have become an eyesore with rusted iron grills and dilapidated civil structure for the past several years.

Many homebuyers, who had invested in Unitech Group’s housing projects in Noida and Greater Noida, are seeking refund from the beleaguered realty company, said officials of the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera).

Unitech had planned housing projects in Noida’s sectors 96, 97, 98, 113, and 117. Most of these sites have become an eyesore with rusted iron grills and dilapidated civil structure for the past several years. Some buyers have been living in partially completed towers in a residential project located in Sector 117, while the housing project site in Sector 113 is abandoned. Other residential projects in Noida’s sectors 96, 97 and 98 are also not completed.

One residential project in Greater Noida was also scrapped by the Greater Noida authority as the builder could not finish it, said the officials, adding that the apex court appointed an amicus curiae to look into refund requests.

“Many buyers have filed cases with us seeking refund. So far, we have helped over 100 buyers get refund from Unitech. Since all cases pan India are under litigation and the Supreme Court is hearing the petition of buyers, we refer the refund cases to SC-appointed amicus curiae,” said Balvinder Kumar, member of UP-Rera.

The SC has ₹400 crore fund, which was deposited by Unitech after an order.

We are referring refund cases of Unitech to the amicus curiae and many of them have got the refund,” said Kumar.

The Noida authority needs to recover ₹2,743.29 crore land dues from Unitech. The Unitech Group failed to pay ₹1,203.45 crore dues in a housing project in Sector 113 and ₹1,539.84 crore dues in a housing project in Sector 117, according to authority officials.

Many buyers are seeking refund as they have lost hope that the developer will be able to deliver the housing projects amid financial crisis that the realty firm is facing.

Sources: www.hindustantimes.com

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