Supreme Court Cracks Down on Real Estate Giant: Unitech Project Revitalization

The Supreme Court is addressing non-compliance by state authorities regarding Unitech Ltd's stalled projects. Priorities for project hearing have been set, and compliance is expected, focusing on Unitech's need to generate funds and resolve homebuyers' issues. Orders aim to ensure project completion and management control under a government-appointed board.

The Supreme Court of India has stressed the consequences of non-compliance by state authorities concerning Unitech Ltd's stalled housing projects. The court cautioned against any obstructions in project completion and emphasized the need for cooperation from development authorities, including Noida and Greater Noida, for granting necessary permissions.

Justices J B Pardiwala and K V Viswanathan have prioritized hearings on Unitech matters, urging swift resolution of grievances. They underscored the importance of adherence to prior court orders by the state's development bodies, promoting fund generation from the sale of idle inventory to expedite project completion.

In a move to protect homebuyers, the court previously facilitated loan disbursement exemptions and sought compliance with the Real Estate (Regulation and Development) Act for Unitech projects. The current directive allows Unitech's government-appointed board to seek police assistance against third-party disruptions, reaffirming the court's oversight in reviving the beleaguered real estate entity.

(With inputs from agencies.)