A Delhi court today granted a three-month interim bail to Unitech Ltd promoters Ajay Chandra and Sanjay Chandra arrested in a fraud case relating to a Gurugram-based real estate project.
To avoid the recurrence of Unitech like cases, it is important for homebuyer association members to take the lead and act as a bridge to raise funds, in case the builder claims he is bankrupt.
Realty firm Unitech Ltd today said it has not committed fraud on any investor and the delay in delivery of project is due to reasons beyond its control and recession in the real estate sector.
Home buyers of Unitech’s housing projects in Noida and Gurugram had approached the National Consumer Disputes Redressal Commission after the builder had failed to give them possession of their flats as the per schedule.
Realty firm Unitech Ltd today reported a consolidated net loss of Rs 17.13 crore for the quarter ended December.
A Delhi court has cancelled the non-bailable warrants (NBWs) against the two managing directors of real estate major Unitech Ltd, Ajay Chandra and Sanjay Chandra, in a case of alleged misappropriation of Rs 500 R
According to a latest operational update, Unitech sold 2 million sq ft of area for Rs 362 crore during the first quarter of the current fiscal.
Unitech, its Chairman Ramesh Chandra, Managing Directors Ajay Chandra and Sanjay Chandra and four other Directors have been named as accused in the complaint.
The punitive measure was awarded after the real estate giant failed to give possessions of a residential unit in Mohali to two Delhi-based clients even after making the payment on time. Then, the commission sought explanation from the builder and asked them to settle dues of Rs 53 lakhs.
The relief came after they moved the District Judge against the order of the Additional Chief Metropolitan Magistrate Gaurav Rao who had refused them bail and ordered their judicial custody for 14 days.
The company's Chairman Ramesh Chandra, MDs Sanjay Chandra and Ajay Chandra and Group's Director Minoti Bahri were sent to judicial custody till January 25 by Additional Chief Metropolitan Magistrate Gaurav Rao in connection with the two complaints.
Even though the DB Realty is sailing in a sinking boat, the company thinks that it will not affect its forthcoming projects.