Noida News : Noida Authority Approves Unitech Housing Projects, Bringing Hope to Over 5,500 Homebuyers

Noida News : Noida Authority Approves Unitech Housing Projects, Bringing Hope to Over 5,500 Homebuyers

July 4, 2024, Noida, Uttar Pradesh, India , On July 3, 2024, the Noida authority granted approval for Unitech Group’s pending housing projects by endorsing the layout maps, potentially bringing relief to thousands of homebuyers who have endured a decade-long wait. Following a directive from the Supreme Court on April 26, 2024, this approval allows construction to resume without the need for prior dues clearance, addressing a significant issue impacting more than 5,500 homebuyers.

Thousands of homebuyers could soon have hope as Noida authority has given the green light to key layout designs for Unitech’s delayed projects, clearing the path for project finishing and handover.

Noida Authority Approval Details

The Noida authority approved Unitech’s stalled housing projects’ layout maps on July 3, 2024, following the Supreme Court’s orders from April 26, 2024. The approved area covers 246 acres of land in sectors 96, 97, 98, 113, and 117, with 197 acres remaining vacant. This decision marks a significant advance in addressing the prolonged delays affecting more than 5,500 homebuyers.

Lokesh M, CEO of Noida authority, stated, “We have approved the layout of incomplete housing projects in Noida on the orders of the Supreme Court.”

YS Malik, Chairman of the Unitech Group board, added, “We have already roped in construction contractors who are eager to resume work provided all clearances are in place.”

Noida Authority Impact on Homebuyers

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Affected projects such as Amber, Burgundy, Willows, Unihomes, Exquisite, The Residences, Uniworld, and Gardens are in progress. More than 5,500 homebuyers, some waiting for over ten years, are looking forward to expedited home completion and delivery after approval. The Supreme Court has split Unitech’s land into two parts: one with assigned flats and plots, and the other with vacant land for future projects.

Noida Authority Data and Statistics:

  • Total Unitech land: 443 acres
  • Approved layout: 246 acres
  • Vacant land: 197 acres
  • Unitech’s dues: Nearly ₹11,000 crore
  • Total affected homebuyers: Over 5,500
  • Homebuyers seeking refunds: 2,155

Unitech can start building again after getting the required environmental approvals. The Supreme Court will make decisions about the empty land and the unpaid amount of nearly ₹11,000 crore later on. This approval means there is a chance for new construction on the empty land, which could help finish the current projects.

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Project Details and Homebuyer Impact

  • Amber, Burgundy, Willows (Sectors 96, 97, 98): These projects cater to 638 homebuyers, with 178 requesting refunds. The Noida authority approved 818 residential units on 164 acres, while 180 acres remain undeveloped.
  • Unihomes 3 (Sector 113): Accommodates 1,621 homebuyers, with 941 seeking refunds. The authority sanctioned 1,751 residential units on 26.5 acres, with around nine acres undeveloped.
  • Exquisite, The Residences, Unihomes 1 & 2, Uniworld, Gardens (Sector 117): These projects collectively accommodate 3,327 homebuyers, with 1,036 requesting refunds. Approval was granted for 3,728 units on 56 acres, leaving 8.7 acres vacant.

YS Malik, Chairman of Unitech Group, expressed commitment to promptly restarting construction.

“We have already engaged construction contractors, who are ready to resume work once all necessary clearances are in place. We are awaiting environmental clearances, and once received, work at the site will commence promptly.”

Supreme Court Intervention

On April 26, 2024, the Supreme Court issued a landmark ruling that divided Unitech’s land into two parts. One section was designated for homebuyers who already had allocated flats or plots, while the other was reserved for future projects.

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The Court stressed the importance of approving the layouts for the first section promptly to meet the urgent needs of homebuyers awaiting project completion within partially constructed buildings.

Unitech put forth a plan to construct new towers and housing units on the available land to raise funds for finishing ongoing projects. This proposal focuses on utilizing the unused 197 acres efficiently to ensure a steady flow of resources for completing projects on time.

The Noida authority’s approval of layout maps for Unitech’s incomplete housing projects marks a significant milestone for over 5,500 homebuyers.

While challenges remain, including obtaining environmental clearances and addressing outstanding dues, this development brings a ray of hope to many who have waited years for their homes.

For more updates on this story and other real estate news, visit The Rising News. Stay informed and connected with the latest developments.

 

I am Jagrit Singh, a seasoned crime beat journalist with 15 years of experience in Delhi NCR, specializing in police and property-related crimes, as well as government department investigations. I have worked with prominent outlets like Hindustan Times, The Indian Express, and India Today, and have past experience with online news portals in Delhi NCR. My investigative reporting has earned me prestigious awards, and I am committed to accuracy, fairness, and integrity, using my work to expose corruption and bring justice.