Noida Authority approves changed plans for all Unitech projects
Real Estate

Noida Authority approves changed plans for all Unitech projects

Following a Supreme Court order, the Noida Authority has approved the revised layouts for all Unitech projects in the city.

Initially, the court had directed the Noida Authority to approve revised layout plans on all land allocated to Unitech without insisting on the recovery of dues, which total nearly Rs 110 billion. However, a revised order on April 26, 2024, divided the land into two categories: areas where homebuyers have been allocated flats and plots, and areas where projects have not yet been launched. Layout approvals pertain to sections where projects have already been launched.

Unitech, now managed by a government-appointed board, is tasked with delivering incomplete flats to homebuyers. According to Noida Authority data, Unitech possesses 443 acres of land across three parcels. Layout approval has been granted for projects on 246 acres, while 197 acres remain vacant.

Approximately 5,500 homebuyers have purchased flats and villas in these projects and have been waiting for possession for 10 years. With the new approvals, construction can resume.

YS Malik, a former IAS officer and Chairman, Unitech board since 2020, stated that contractors have been finalised for several batches of tenders. Construction will commence once environmental clearances are obtained.

Regarding the vacant land, Malik mentioned plans to present the layouts to the Supreme Court to seek guidance on developing the necessary civic amenities. He emphasised the need for continuity in amenity development, expressing concern about the manner of sanctioning these facilities.

In Sectors 96, 97, and 98, Unitech launched three projects: Amber, Burgundy, and Willows 1 and 2. There are 638 homebuyers in these projects, with 178 requesting refunds. Noida Authority has approved 818 units on 164 acres, while 180 acres remain vacant. The total dues for these projects up to April 30, 2024, amount to ?7,747.84 crore.

In Sector 113, Unitech launched Unihomes 3, which has 1,621 homebuyers, 941 of whom have sought refunds. Noida Authority has approved 1,751 units on 26.5 acres, with about 9 acres vacant. The total dues for this project are ?900 crore.

In Sector 117, Unitech launched Exquisite, The Residences, Unihomes 1 and 2, Uniworld, and Gardens, comprising 3,327 homebuyers, with 1,036 requesting refunds. Noida Authority has approved 3,728 units on 56 acres, with 8.7 acres left vacant. The total dues up to April 30, 2024, are ?2,066 crore.

In its April order, the Supreme Court acknowledged Noida Authority?s concerns about vacant land parcels. The Authority wanted the Unitech board to return the vacant land. However, the court deferred the decision on vacant land and stated that the issue of dues would be resolved later. Unitech has proposed constructing new towers and plotted houses in the vacant areas to generate capital and resources to complete its existing projects.

(Source: ET& TNN)

The 14th RAHSTA Expo, part of the India Construction Festival, will be held on October 9 and 10, 2024, at the Jio Convention Centre in Mumbai. For more details, visit: https://rahstaexpo.com

Following a Supreme Court order, the Noida Authority has approved the revised layouts for all Unitech projects in the city. Initially, the court had directed the Noida Authority to approve revised layout plans on all land allocated to Unitech without insisting on the recovery of dues, which total nearly Rs 110 billion. However, a revised order on April 26, 2024, divided the land into two categories: areas where homebuyers have been allocated flats and plots, and areas where projects have not yet been launched. Layout approvals pertain to sections where projects have already been launched. Unitech, now managed by a government-appointed board, is tasked with delivering incomplete flats to homebuyers. According to Noida Authority data, Unitech possesses 443 acres of land across three parcels. Layout approval has been granted for projects on 246 acres, while 197 acres remain vacant. Approximately 5,500 homebuyers have purchased flats and villas in these projects and have been waiting for possession for 10 years. With the new approvals, construction can resume. YS Malik, a former IAS officer and Chairman, Unitech board since 2020, stated that contractors have been finalised for several batches of tenders. Construction will commence once environmental clearances are obtained. Regarding the vacant land, Malik mentioned plans to present the layouts to the Supreme Court to seek guidance on developing the necessary civic amenities. He emphasised the need for continuity in amenity development, expressing concern about the manner of sanctioning these facilities. In Sectors 96, 97, and 98, Unitech launched three projects: Amber, Burgundy, and Willows 1 and 2. There are 638 homebuyers in these projects, with 178 requesting refunds. Noida Authority has approved 818 units on 164 acres, while 180 acres remain vacant. The total dues for these projects up to April 30, 2024, amount to ?7,747.84 crore. In Sector 113, Unitech launched Unihomes 3, which has 1,621 homebuyers, 941 of whom have sought refunds. Noida Authority has approved 1,751 units on 26.5 acres, with about 9 acres vacant. The total dues for this project are ?900 crore. In Sector 117, Unitech launched Exquisite, The Residences, Unihomes 1 and 2, Uniworld, and Gardens, comprising 3,327 homebuyers, with 1,036 requesting refunds. Noida Authority has approved 3,728 units on 56 acres, with 8.7 acres left vacant. The total dues up to April 30, 2024, are ?2,066 crore. In its April order, the Supreme Court acknowledged Noida Authority?s concerns about vacant land parcels. The Authority wanted the Unitech board to return the vacant land. However, the court deferred the decision on vacant land and stated that the issue of dues would be resolved later. Unitech has proposed constructing new towers and plotted houses in the vacant areas to generate capital and resources to complete its existing projects. (Source: ET& TNN)

Next Story
Real Estate

Rajasthan HC rules builders can't sell properties without amenities

The Rajasthan High Court, expressing concern over the sale of plots and houses in privately developed colonies that lacked essential facilities such as drainage, electricity, and water, directed the state government, development authorities, and urban bodies to prevent developers from selling such properties unless they comply with construction regulations. The court emphasised that the Urban Development & Housing Department (UDH) must first issue a certificate verifying the suitability of a residential colony or society for habitation before any sale could proceed. A bench led by Chief Justi..

Next Story
Real Estate

Office space net absorption rises 14% in Q2 FY25 across seven cities

The net absorption of office space increased by 14 per cent annually during the July-September period across seven major cities, driven by improved demand, as reported by real estate consultant JLL. According to JLL's latest data, the net absorption of office space reached 12.16 million square feet in the third quarter of this fiscal year, compared to 10.69 million square feet during the same period the previous year. Net absorption is determined by calculating the difference between newly occupied floor space and vacated floor space. The data revealed that in Bengaluru, net absorption of ..

Next Story
Real Estate

Housing sales up 5% to 87,108 units across 8 cities in Q2 FY25: Report

Housing sales experienced a 5 per cent annual increase during the July-September period, reaching 87,108 units across eight major cities, driven by strong demand for premium homes, according to a report by Knight Frank India. The real estate consultant released its 'India Real Estate' report for the third quarter of the 2024 calendar year during a webinar, highlighting a moderate rise in housing sales, which contrasted with data from Anarock and PropEquity that indicated a decline in total sales across major cities during the same period. The report mentioned that the residential market had s..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000