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  1. Supreme Court orders execution of sale deed for Unitech land

Supreme Court orders execution of sale deed for Unitech land

The SC also asked the purchaser of the land to deposit Rs 43.17 crore, the Unitech’s share in the deal, with the registrar of the apex court within 10 days. While the 12.25 acre of land is owned by two individuals and Unitech, the latter will get a total of Rs 49 crore. Devas has already deposited Rs 6 crore with the SC registry.

By: | New Delhi | Published: July 17, 2018 5:35 AM
The Supreme Court on Thursday directed execution of a sale deed.

The Supreme Court on Thursday directed execution of a sale deed for the embattled real estate firm Unitech’s land near Bangalore in favour of Devas for Rs 97. 69 crore.

It also asked the purchaser to deposit Rs 43.17 crore, the Unitech’s share in the deal, with the registrar of the apex court within 10 days.

While the 12.25 acre of land is owned by two individuals and Unitech together, the latter will get a total of Rs 49 crore. Devas has already deposited Rs 6 crore with the SC registry.

A Bench led by Chief Justice Dipak Misra also directed the committee chairman to supervise the sale and ensure that the deal is done within the stipulated time.

The judges also asked Unitech to give status of work done in its projects including deficiencies after certain buyers apprised the court that the flats taken by them on as-is-where-is basis are not fit enough to live and lacks basic amenities like lifts, water and electricity, etc.

Meanwhile, another real estate company has showed its willingness to buy 70 acre land in Unitech Gold Country Club project. The court asked it to deposit Rs 15 crore to prove its bonafides and also asked its managing director to be present in the court on July 27, the next date of hearing.

Unhappy with the company’s failure to raise money to pay homebuyers, the apex court, however, refused to grant parole to its managing director Sanjay Chandra, saying it will consider it only after homebuyers get their money.

A total of 4,688 homebuyers are claiming a refund of Rs 1,865 crore from Unitech. They had booked their flats in various housing projects undertaken by the company. Unitech was supposed to deposit Rs 750 crore by December to secure bail of Chandra. He is seeking interim bail from the apex court after the Delhi High Court on August 11, last year rejected his plea in a criminal case lodged in 2015 by 158 home buyers of Unitech projects’ – ‘Wild Flower Country’ and ‘Anthea Project’ – in Gurugram.

The top court had earlier directed the jail authorities to facilitate Chandra’s meeting with his company officials and lawyers so that he could arrange money to refund the home-buyers as well as for completing the ongoing housing projects.

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