The Supreme Court has directed Omshakthy Agencies (Madras) Pvt. Ltd to deposit Rs90 crore, pursuant to its memorandum of understanding with realtor Unitech Ltd for the sale of land in Chennai, by 31 March 2018.
Unitech had informed the Supreme Court on 29 January that it had finalized a Rs400 crore deal with Omshakthy for the sale of two land parcels in Chennai that would enable it to complete unfinished projects and refund buyers.
Omshakthy is primarily a land aggregator based out of Chennai. It is also developing a few housing projects on its own.
M.L. Lahoty, counsel for homebuyers, sought attachment and e-auction of Unitech’s 347-acre land parcel in sectors 96, 97 and 98 in Noida. It was submitted that the valuation of this land stood at Rs1,200 crore after deducting its liabilities to Noida Authority, LIC and the cost of construction and delivery of apartments. Unitech was directed to file its reply on this issue.
Ranjit Kumar, the counsel for Unitech, also pressed for granting a 15-day custody parole to director Sanjay Chandra “to arrange money (for bail security) as not all buyers were inclined to visit jail”.
The court, however, did not pass any order on this plea.
The real estate company was required to deposit Rs750 crore by December to secure bail for 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 would be next heard on 5 March.
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