SC permits Unitech to start construction

NEW DELHI: The Supreme Court on Friday permitted the new Unitech management to start construction activities by allowing it to award 49 contracts as recommended by former apex court judge AM Sapre.
The three-judge bench, headed by CJI DY Chandrachud, directed home buyers who had opted for the possession of completed units to pay the remaining amount as per the payment plan uploaded on the website.
It said in case the buyers who opted for the possession of a completed unit did not comply, an interest rate of 9% per annum will apply. It added that the buyers who had opted for a refund earlier could opt to change their preference as a 'one-time measure' by sending their details to a designated email account by December 15.
The homebuyers who had received a partial refund earlier but now seek possession shall repay the refund which is the principal amount within 8 weeks, the court added.
The bench directed that Noida and Greater Noida shall sit together to submit a revised plan before this court regarding the commencement of construction.