Supreme Court's Relief to Unitech Homebuyers: A Step Towards Justice

The Supreme Court has exempted Unitech Ltd's ongoing housing projects from RERA registration, facilitating stalled loan disbursal for thousands of homebuyers. The court issued notices to banks declaring loans as NPAs due to project delays. Directions were also given for police deployment and environmental clearances.

The Supreme Court has granted major relief to homebuyers of Unitech Ltd by exempting its ongoing projects from the registration requirements under RERA. The decision, aimed at expediting loan disbursal, is expected to benefit thousands stuck with stalled projects across seven states.

A special bench of Justices Surya Kant and N Notiswar Singh issued the exemption order in the interest of justice, removing procedural hurdles and enabling financial institutions to release funds for these projects. Notices were also served to banks that had labeled these loans as Non-Performing Assets (NPAs) due to delays in project completion.

The court took additional steps to ensure project progression, including directing police deployment at Noida sites plagued by local issues and instructing the Uttar Pradesh State Pollution Control Board to expedite environmental clearances.

(With inputs from agencies.)