In a relief to 15,000 buyers, Unitech begins construction after 12 years

Sumedha Sharma

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Gurugram, March 31

In a major relief to around 15,000 homebuyers, Unitech Group has resumed the construction of projects after work got stalled 12 years ago.

The company has around 78 pending residential projects, in addition to 13 pan India commercial projects. The developer resumed construction work at two projects — Vistas in Sector 70 and Sunbreeze in Sector 69 — today.

A Supreme Court-appointed board of directors is now running the group, which was once a realty major, following prolonged legal battles. The board has announced the resumption of grounded projects, beginning with the firm’s two projects in Gurugram.

It may be noted that Vistas has over 1,200 homebuyers, while Sunbreeze has over 600 homebuyers.

Speaking to The Tribune, retired IAS Ashok Yadav, who is the current CEO of the group, said work on all projects would be resumed soon and homebuyers would be given their due.

Yadav said, “The Supreme Court had reconstituted the Unitech board in February 2020. The seven-member board has bankers and retired civil servants as its members. We submitted a resolution plan to the apex court in July-August 2020 and worked to get things in order.”

“The work on various Unitech projects has finally resumed after over a decade. We have started with two projects in Gurugram, but would soon complete all Unitech projects and hand over the apartments,” he added.

It may be noted that Unitech was among the biggest real estate companies in early 2000s, but its problems started after it ventured into the sector of telecommunication services.

Unitech Managing Director Sanjay Chandra was arrested for his alleged involvement in the Rs 1.85 lakh crore 2G spectrum case in 2011.

A Delhi court acquitted all those accused in the case in 2017, a decision that has been challenged by the Central Bureau of Investigation and the Enforcement Directorate.

Sanjay and his brother Ajay were arrested in 2017 for allegedly siphoning homebuyers’ money after a criminal case was lodged against the company in 2015 by 158 homebuyers of Unitech’s Wild Flower Country and Anthea projects in Gurugram. The company reportedly has a stock of unsold inventory worth Rs 3,000 crore and land worth Rs 6,000 crore.

From realty major to ‘involvement’ in 2G scam

• Unitech was among the biggest real estate companies in early 2000s
• Its problems started after it ventured into telecom services
• Unitech MD Sanjay Chandra was arrested for his alleged involvement in the Rs 1.85 lakh crore 2G spectrum case in 2011
• A Delhi court acquitted all accused in the case in 2017, though the decision has been challenged by the CBI and the ED
• Sanjay and his brother Ajay were arrested in 2017 for allegedly siphoning homebuyers’ money after a criminal case was lodged against the company in 2015 by 158 homebuyers of Unitech’s Wild Flower Country and Anthea projects in Gurugram
• The Supreme Court reconstituted the Unitech board in February 2020