Unitech's customers worried on vacant CMD post, lack of funds to complete stalled realty projects
Distressed homebuyers of crisis-hit Unitech Ltd have expressed concern over a lack of funds to complete stalled projects and demanded that the unsold assets of the realty firm should be auctioned to expedite construction works.
Five associations, representing thousands of property buyers of Unitech Ltd, also sought that a new Chairman and Managing Director (CMD) should be appointed soon to run the company as the post is vacant for nearly one month.
In 2020, Unitech's board was superseded by the central government on the Supreme Court's direction. The Ministry of Corporate Affairs proposed the constitution of a new board, which was approved by the apex court on January 20, 2020.
Unitech Ltd is facing a huge cash crunch, resulting in significant delays (over 15 years) in the deliveries of its housing and commercial projects, primarily in Delhi-NCR. Around 15,000 customers are stuck in various projects of the company.
As many as five associations have issued statements urging the government and the Supreme Court to fill the CMD post at the earliest.
The tenure of Yudhvir Singh Malik, the former CMD of Unitech, ended on July 20, 2026.
The five associations include Espace Premiere Owners Association, Alder Grove Villa Owners Welfare Association, The Uniworld Chennai Owners' Association, Association of Home Buyers of Unitech's Anthea Floors, and
Uniworld Social & Cultural Welfare Society.
These associations also demanded that funds should be arranged through auction of Unitech's unsold properties to complete all stalled projects.
Elaborating on the buyers' concern, Gurugram-based Espace Premiere Owners Association has appealed to the Supreme Court to take urgent steps for completion of stalled projects as buyers have been waiting for their dream properties for 16 years.
"Homes booked in 2010-2011, originally promised for handover in 2013-2014, remain incomplete," the association's President Vibha Batra said in a statement.
She listed out two major obstacles -- the absence of a CMD and inadequate funds for construction.
An estimated Rs 11,000-12,000 crore is needed to complete the stuck projects, while only around Rs 3,000 crore could come from customers.
The Uniworld Chennai Owners' Association appealed to the Supreme Court to take urgent steps.
The association said that the Ministry of Corporate Affairs has already submitted its nominee for the post of the CMD, pending court approval.
Gurugram-based Alder Grove Villa Owners Welfare Association demanded that the claims made by lenders should be reassessed and there should be no interest payment to them.
Gurugram-based Association of Home Buyers of Unitech's Anthea Floors urged the apex court to direct the RBI to conduct a special audit of loans extended to Unitech since 2005, identify lapses in sanctioning and
monitoring, and impose deterrent penalties on those responsible.
Kolkata-based Uniworld Social & Cultural Welfare Society demanded that buyers should be given top priority.
"We sincerely hope and pray that the Supreme Court will act decisively to remove the remaining roadblocks, approve the appointment of the CMD, permit the monetisation of Unitech's assets in accordance with law, protect the legitimate interests of homebuyers and ensure that the construction of their homes resumes with urgency," said Manish Gandhi, President of Uniworld Social & Cultural Welfare Society.
During the 2025-26 fiscal, Unitech posted a consolidated net loss of Rs 2,455.73 crore. Its total income stood at Rs 566.80 crore last financial year.
