Unitech to Complete Stuck Projects In 4 Years
In a relief to 15,000 homebuyers waiting for possession of their homes for almost a decade, the Supreme Court (SC)- appointed Unitech board has submitted the roadmap for completing the stuck projects of the embattled firm with the apex court. It has proposed to complete the construction of all units within four years. The apex court, in January, approved the nomination of seven directors to the board of Unitech, now being run by the government. The board was constituted on January 21. As per the resolution plan submitted last week, the board would require Rs 5,000 crore to complete construction of incomplete units. A graded timeline for completion has been proposed. The primary focus of the board is on completing construction and All units would be completed within four years. The amount to complete construction would be raised by utilising additional FAR, disposing of land banks some of which are located in prime locations and money receivables from homebuyers. The board is also looking at raising finances from the SWAMI fund, banks and financial institutions.
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