Unitech Urges Homebuyers to Settle Dues and Update Details to Avoid Allotment Cancellation
Unitech Limited, a well-known real estate developer, has recently issued a public notice to its homebuyers, urging them to clear any outstanding dues and update their contact information. The company has made it clear that failure to comply could lead to the cancellation of property allotments. This step comes as the company, now under the leadership of a government-appointed management team led by YS Malik, takes serious measures to move forward with long-delayed projects, particularly in Noida, where construction had been stalled for over 15 years.
The construction of Unitech’s residential projects in Noida sectors 96, 97, and 98, which had been on hold for more than a decade, resumed on September 15, 2024. The delay had caused immense frustration and uncertainty among homebuyers who had been waiting for years to take possession of their homes. With the projects finally moving forward, the new management is focusing on overcoming the financial challenges that continue to threaten the completion of these developments. One of the key measures being taken is ensuring that homebuyers fulfill their financial obligations to the company.
Unitech's public notice specifically asks buyers to settle any pending payments related to their properties. Many of these buyers had purchased homes in these projects more than a decade ago, but the halt in construction created a difficult situation for both parties. Now that construction has resumed, the company has stressed that these payments are essential for keeping the work on track and avoiding further delays. Without the required funds from the homebuyers, the company may find it challenging to sustain the progress that has just been made.
In addition to the request for dues clearance, Unitech has also called on homebuyers to update their contact details. Given the prolonged delays and the possibility that buyers may have changed their phone numbers, email addresses, or physical addresses, the company has been facing difficulties in maintaining effective communication with a significant portion of the homebuyers. Updated contact information is essential for the company to keep buyers informed of important developments, including payment schedules and the progress of the construction.
To streamline communication, Unitech has decided to create dedicated WhatsApp groups for each of the housing projects. These groups will serve as a direct communication platform, enabling the management to provide real-time updates on the construction status and other important notifications. This step is part of the company’s broader effort to rebuild trust with buyers, many of whom had become disillusioned with the lack of transparency and prolonged delays in the past. Despite this effort, the company revealed that a large number of homebuyers have yet to update their contact information. Out of the 16,450 buyers involved in the projects, only about 9,609 have provided their updated details, leaving a significant portion unaccounted for.
Unitech has set a strict deadline of November 30, 2024, for buyers to update their contact information on the company’s website and clear their outstanding dues. According to the notice, failure to meet this deadline may result in the cancellation of property allotments. In such cases, the amounts already paid by the buyers toward their properties may be forfeited, leading to significant financial losses. Additionally, the company has indicated that it might consider legal action under the Benami Transactions (Prohibition) Act, 1988, against buyers who fail to update their information, to avoid potential legal and ownership issues.
Various buyers’ associations, representing those affected by the project delays, have responded to Unitech’s notice, encouraging homebuyers to take immediate action. The associations have been actively reaching out to members through different communication channels, urging them to pay their dues and update their contact details before the deadline. Many buyers are understandably eager to see the construction finally completed and are cooperating with these efforts. However, lingering doubts about whether Unitech will be able to deliver on its promises continue to concern some homebuyers, given the company’s troubled history.
Despite these concerns, the recent resumption of construction is viewed as a significant development. For Unitech, this is an opportunity to regain its credibility and finally deliver on long-overdue commitments to its buyers. However, substantial challenges remain, particularly with ensuring that all financial resources required to complete the construction are secured. For homebuyers, many of whom have been waiting for over a decade, the pressure is now on to meet the company’s demands, or risk losing the properties they have been hoping for.
With the November 30 deadline fast approaching, both Unitech and its buyers are facing critical decisions. The next few months will be crucial in determining whether the company can push forward with construction and bring the long-delayed projects to completion. Meanwhile, homebuyers must decide whether to comply with Unitech’s requests, or face the risk of forfeiting their allotments, which would bring an unfortunate end to what has already been a lengthy and frustrating journey.
