The Supreme Court on Friday permitted the new management of Unitech to start construction activities by allowing award of 49 contracts as per recommendations of retired SC judge, AM Sapre.
The apex court also permitted the management to award further contracts on an ongoing basis with the approval of Sapre and start the construction works.
As a one-time option, SC has permitted home buyers who had earlier opted for refunds to change their options to possession. However, they must register themselves by sending their details by email. Buyers who wish to change their options from refund to possession, but have received partial refunds earlier have been allowed to change their options on upfront payment of refunded amount.
The SC directed the buyers to make payment of their balance dues in accordance with the revised payment plan so as to facilitate the availability of required cash flows for uninterrupted construction.
In 2020, the SC had permitted the central government to take over Unitech’s management amidst allegations of money laundering and fraud.
About 74 residential and 12 commercial projects by the developer has been stuck and 15,000 home buyers have been waiting to get the possession of their apartments for over a decade now.