Gr Noida to fine Unitech Rs 130 crore for failing to clear land dues

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Troubles for realty major Unitech are far from over with the Greater Noida authority on Wednesday saying it will impose a Rs 130 crore penalty on the firm for failing to clear land dues, according to a Hindustan Times report.

The authority in November last year had cancelled the allotment of a 100-acre plot to Unitech to build a group housing society, alleging the company owes it over Rs 1,000 crore and had failed to pay up for almost a decade.

The authority also seized Rs 300 crore that was deposited by the realty firm for the 100 acres land in Sector Mu 2 of Greater Noida.

Around 250 buyers had bought residential plots in this 100-acre project, according to the report.

Unitech has been facing a series of court cases recently for delay in delivery of flats.

The National Consumer Disputes Redressal Commission (NCDRC) this month ordered realty major Unitech to pay back Rs 65.36 lakh to a home buyer with 18% interest for its failure to deliver the flat in Habitat project of Unitech in Greater Noida, even nine years after the consumer had bought it.

The apex consumer commission also recently directed Unitech Limited to refund Rs 3.04 crore to a retired army personnel and his wife with an interest rate of 18% per annum for not delivering possession of a plot by the committed date, saying it was a case of “gross deficiency”.

The promoters of the company have also been reducing their stake gradually. Promoters stake stood at 26.77% in Unitech at the end of the January-March quarter as compared to 30.14% as on December 31, 2015, according to a regulatory filing.

Source: ET Realty

 

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Zricks.com is a simpler way to search for Residential and Commercial projects & properties across India with over 5000+ Projects, 1000+ Properties, 2500+ developers, 1500+ Agents, 8000+ Localities. Check out Walkthrough, Compare, QnA & Brochure page to see what everyone is talking about.

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