Supreme Court Cancels Order Of Noida Authority Over Confiscation of Land Allotted To Unitech

New Delhi: In further relief to home buyers of Unitech Ltd, the Supreme Court ordered the cancellation of land in Sector 133 by Noida Authority to the real estate firm. 

Noida Authority had cancelled the allotment of land in October last year for a project of the realty firm called ‘Unihomes3 ’ due to non-payment of dues of Rs 1,200 crore by the company. This decision by the apex court came along the acceptance of the centre’s proposal by the court of takeover of the management of the embattled real estate firm.

As many as 1,629 buyers had claimed that they had paid money to but properties in Unihomes 3 but were just waiting to get possession. Saying that they were stuck, these buyers had moved a petition in the Supreme Court against the order of the Noida Authority of cancellation of the land parcel.

Interestingly, the project Unihomes 3 has 17 towers which are spread over 18 acres but the company has about 53 acres of land there and the Noida Authority pleaded that the remaining land be handed over to it but the Supreme Court ruled against it.  

The Supreme Court has also allowed a new management of the company headed by retired IAS Officer YS Malik to takeover the existing board and oversee the completion of the stuck projects as well as payment to the creditors.