representative image Noida: Government appointed board of directors Unitech Group issued a warning to home buyers In case of default in payment of dues raised by the company, they were threatened with stopping the construction of their flats and in extreme cases, canceling the allotment.
This notice has come at a time when construction work has resumed at many places. unitech Projects after almost a decade. The board said it was struggling to maintain the pace of construction in the absence of a steady flow of funds.
A notice issued by the Unitech board to home buyers said, “In most of the projects home buyers are not serious about paying their remaining dues on time.
It is to be understood that if home buyers do not pay their remaining dues on time then it will be extremely difficult for the management to maintain the pace of work and make regular payments to the contractors. If this situation continues, the management will be forced to take two-pronged action: (i) advising contractors to stop work on units of home buyers who default in paying their dues, and (ii) canceling allotments. To resort to doing. ,
Apart from Noida and Greater Noida, work on Unitech projects has resumed in cities like Gurgaon, Ambala and Bhubaneswar.
Compliance rates on payments in Greater Noida projects have raised concerns.
For example, homebuyers in Cascades have paid Rs 1.5 crore against the demand of Rs 3.3 crore raised by the board. Other projects like Heights have fared worse – only Rs 4 lakh was paid out of the total demand of Rs 71 lakh.
Out of the Rs 12.6 crore demanded by the board in Habitat, only 4.4 per cent has been paid. Horizon’s compliance rate is 25.7%, with Rs 2 crore collected out of the total demand of Rs 8.1 crore. Meanwhile, Verve has seen only 12.4% compliance, with payments of Rs 87 lakh out of Rs 7 crore.
Neighboring Gurgaon is comparatively better off.
In Escape, the board has already received almost half the payment, with Rs 47 lakh paid out of the demand of Rs 1 crore. Meanwhile, Sunbreeze has seen an improved compliance rate of 78.5%, with Rs 18.3 crore paid out of the total demand of Rs 23.2 crore. Vista reached a compliance rate of 76.2%, with approval of Rs 20.2 crore out of Rs 26.5 crore.
Citing “unofficial sources”, the Unitech board said it had learned that many home buyers were deliberately delaying payments due to the relatively low penalty for non-compliance.
Under the revised payment plan, home buyers will have to pay 9% simple interest on the overdue amount, which is significantly lower than the interest paid on home loans. “Therefore, it is financially more practical to pay the fine. But this delay is seriously hampering the construction schedule. Contractors need to be paid regularly so that the construction work remains on track,” a source said.
The notice also highlights that some buyers had not made payments in the past despite demand notices by the erstwhile Unitech management, leading to accumulation of overdue amounts.
Here are two specific examples of home buyers with large overdue amounts.
According to the board, in Amber Tower 2 of Unitech Golf and Country Club project in Noida, a home buyer has an overdue amount of Rs 1.9 crore. Despite repeated demand notices, the buyer has made only the initial payment of Rs 23.9 lakh.
In Burgundy Tower 1, another home buyer owes the company Rs 68.8 lakh even though construction has reached the 30th floor.
In both cases, buyers have been asked to pay the entire outstanding amount within 30 days – not in installments – to avoid high interest penalties and risk of cancellation.
