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Unitech asked to pay Rs 750 crore to secure bail for MD Sanjay Chandra

Earlier, there was little that home buyers could do against unscrupulous real estate developers. And many old stories about people waiting to get their homes still continue. However, the judiciary has started acting tough on developers in recent times and in the latest decision, the Supreme Court has told Unitech that the company will have to deposit Rs 750 crore if it wants to secure bail for its Managing Director Sanjay Chandra. Unitech has been asked to deposit Rs 750 crore by the end of December 2017. A Supreme Court bench comprising Chief Justice Dipak Misra, and justices A M Khanwilkar and D Y Chandrachud said that the money will have to be deposited in the apex court registry. The money will be used to refund the money to homebuyers who have not got possession of their homes and want the money back.

The Supreme Court also directed the Tihar jail administrators to allow Chandra to meet company officials, financiers and lawyers. This is necessary since Chandra needs to discuss the ways in which the funds can be procured and also the completion of the current real estate projects. As per estimates, Unitech needs around Rs 2000 crore to complete the projects and also to refund the homebuyers. Chandra’s advocate told the court that they are working on a plan and need some time to finalize it. The case will be heard again in January 2018.

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