In a move that will help some 20,000 homebuyers from across the country, the Supreme Court has decided that control over 74 housing projects started by real estate firm Unitech Ltd will be given to other builders so that they may be finally completed, reports The Times of India.
The direction was given by a bench of Justices D Y Chandrachud and M R Shah. The court noted that many of the aggrieved customers in the case had waited more than ten years in hopes of receiving possession.
It was observed that many of these individuals had to simultaneously pay EMIs to banks and pay monthly rents because their homes were not ready. The court remarked that “this state of affairs cannot continue indefinitely”.
The counsel for Unitech, A M Singhvi, argued that his client was going to give possession to all the homebuyers within three years. The Centre’s counsel Advocate General K K Venugpoal told the court that the government was going to draft a plan for turning over the projects to other builders, which may include the National Buildings Construction Corporation Limited (NBCC).
Singhvi contended that NBCC had previously been unsuccessful in completing Amrapali and Jaypee projects.
But the court was not willing to buy this line of reasoning. “Your client has failed. If NBCC fails then we are here to see. We are clearly of the view that the task cannot be entrusted to you to complete the projects to safeguard the interest of homebuyers,” the bench responded, dismissing Singhvi’s contention.
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