Distressed homebuyers of Unitech Ltd are pressing for a swift rescue plan amid concerns over vacant leadership, funding gaps, and prolonged delays in delivering homes, as courts and authorities face mounting pressure to act.
Distressed homebuyers of Unitech Ltd are pressing for a faster rescue plan, warning that the company’s stalled projects still face a severe funding gap and that a vacant top post is slowing decision-making. According to Business Standard, five buyers’ associations have urged the government and the Supreme Court to appoint a new chairman and managing director quickly and to unlock money by selling Unitech’s unsold assets so construction can resume.
The pressure comes after the tenure of Yudhvir Singh Malik ended on July 20, leaving the post unfilled for nearly a month, the report said. The buyers’ groups, which say they represent thousands of allottees, argue that Unitech’s crisis has already dragged on for years and that families who booked homes more than a decade ago are still waiting for possession.
One association, Espace Premiere Owners Association, said in a statement that homes booked in 2010 and 2011 and promised for delivery in 2013 and 2014 remain unfinished. Its president, Vibha Batra, said the main obstacles are the absence of a CMD and insufficient construction funding. The associations estimate that about ₹11,000 crore to ₹12,000 crore is needed to complete the remaining work, while only around ₹3,000 crore may come from customers.
The buyers’ demands go beyond a leadership appointment. According to the groups, the ministry of corporate affairs has already named a nominee for the CMD role, pending court approval. They also want lender claims revisited, no interest charged on those claims and a special audit by the Reserve Bank of India into loans extended to Unitech since 2005. Manish Gandhi, president of Uniworld Social & Cultural Welfare Society, said in a statement that the Supreme Court should clear the remaining hurdles, approve the appointment, allow asset monetisation under law and ensure construction restarts urgently.
The case sits against the backdrop of a long-running court-supervised turnaround. Reuters and other reports have previously noted that the Supreme Court has kept a close watch on Unitech since the company’s board was replaced in 2020, after years of delays and allegations of fund diversion. PropNewsTime said the court has been pushing the government-appointed board, lenders and homebuyers to propose workable solutions for roughly 22,000 affected purchasers, while Courtbook reported that in February the court told the board not to auction mortgaged properties for now and asked lenders to co-operate on a resolution. Unitech’s recent financial results underline the challenge: it posted a consolidated net loss of ₹2,455.73 crore in 2025-26, with total income of ₹566.80 crore.
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