Rs400 crore land deal is final, Unitech tells Supreme Court

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New Delhi: Realtor Unitech Ltd informed the Supreme Court on Monday that it had finalized a Rs400 crore deal for the sale of two land parcels in Chennai that would enable it to complete unfinished projects and refund buyers.

“A deal has been negotiated with Omshakthy Agencies (Madras) Pvt. Ltd for sale of the land parcels worth Rs400 crore. The amicus (friend of the court) is free to sell it if the company backs out,” Mukul Rohtagi, counsel for Unitech, told the court.

The court directed that an official from the buyer be present in court with a demand draft for Rs400 crore in the registrar’s name to show its inclination of purchasing Unitech’s land. It also refused to stay an 8 December order by the National Company Law Tribunal (NCLT) allowing the government to take control of the firm.

Omshakthy is primarily a land aggregator based out of Chennai. It is also developing a few housing projects on its own. The company couldn’t be immediately reached for comment.

In October, Unitech told the court that it would like to monetize its unencumbered properties and other assets to recover money that would be used for the process of refunding buyers and completing projects that are stuck. A list of unencumbered properties and assets was submitted to the court in a sealed cover.

The court also ordered the setting up of a website for those who have invested in Unitech’s project.

The real estate company was required to deposit Rs750 crore by December to secure bail for its director Sanjay Chandra, who is in jail in a case of alleged forgery lodged by buyers of a Unitech housing project in Gurugram. It has deposited Rs18 crore till now.

A total of 4,688 homebuyers are claiming a refund of Rs1,865 crore from Unitech. They have booked units in various projects undertaken by the company. The matter will be heard next on 16 February.livemint