Once considered a major player in India’s real estate sector, Unitech Limited is now in deep crisis.
Under the leadership of a Supreme Court-appointed management team, assigned in 2020, the company’s performance has steadily declined.
Homebuyers and other stakeholders now claim that hopes of revival have become entangled in bureaucratic delays, eroding trust and stalling numerous projects.
Unitech’s land valuation under Resolution Plan sparks controversy
A major point of contention lies in the Resolution Plan (RP), which critics say grossly undervalues Unitech’s land assets across key urban regions like Noida, Gurugram, and Chennai.
For instance, land in Noida has been valued at just ₹5,641 crore, while independent estimates peg its worth closer to ₹40,000 crore.
Stakeholders allege that the low valuation intentionally masks the company’s true potential.
Unitech suffers losses and stalled projects
Under the management of MD Yudhvir Singh Malik, Unitech has suffered losses exceeding ₹5,000 crore.
Noida Authority’s dues have ballooned from ₹2,700 crore to a staggering ₹11,000 crore.
Experts argue that the company’s decline is not due to bankruptcy, but rather a result of poor financial management, delayed decisions, and lack of strategic direction.
Legal battles have also surged, further delaying projects.
Stakeholders accuse the management of adopting a bureaucratic rather than solution-driven approach, exacerbating concerns among investors and buyers.
Governance model draws scrutiny
Several provisions in the proposed resolution plan have also come under legal scrutiny.
Legal experts suggest that certain clauses appear designed to shield the current management from accountability while limiting the legal rights of stakeholders.
Transparency, an expectation set by the Supreme Court, appears to be significantly lacking.
MD Yudhvir Singh Malik’s past administrative record has also raised eyebrows, particularly his role in the Nestlé India controversy and allegations of abuse of authority.
Thousands of homebuyers continue to pay EMIs for homes they never received.
Meanwhile, company executives reportedly live in government accommodation and operate under judicial protection.
This disparity has intensified public anger and distrust.
Call for professional leadership
Stakeholders are now demanding experienced professionals who possess genuine expertise in real estate, valuation, and project management.
They believe the current leadership has failed and that the company’s revival now hinges on a competent and commercially focused team.
“The Supreme Court’s intervention gave us hope,” a homebuyer representative said. “But things have gone off track. It’s time for urgent corrective action.”
Stakeholders have appealed to the Supreme Court and the central government to replace the current management, reassess the resolution plan, and appoint a capable team that can lead Unitech’s recovery and deliver long-overdue justice to homebuyers.
Also Read: SC Guidelines On Demolitions Protect Citizens’ Dignity And Security: CJI Gavai
To read more such news, download Bharat Express news apps
