Gr Noida to fine Unitech Rs 130 crore

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 national daily report.

The authority in November last year had canceled 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 of 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 delays in the 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 retired army personnel and his wife with an interest rate of 18 percent 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 percent in Unitech at the end of the January-March quarter as compared to 30.14 percent as of December 31, 2015, according to a regulatory filing.