Unitech says committed to deliver ongoing projects

New Delhi: With the company's top executives facing charges of alleged cheating, realty firm Unitech on Wednesday said it is committed to deliver the ongoing projects and has raised sufficient resources to complete them.

Unitech's top bosses walked out of Tihar Jail here yesterday after spending a night in prison despite succeeding to get an interim bail.

On Monday, Unitech's Chairman Ramesh Chandra, Managing Directors Sanjay Chandra and Ajay Chandra and Director Minoti Bahri succeeded in getting interim bail, a few hours after being sent to 14-day judicial custody by a magisterial court.

Responding to a clarification sought by BSE, Unitech Ltd said that "the court case pertains to a complaint made by a customer, where the apartment was booked in 2006 and was to be delivered in 2009".

"However due to delays in certain regulatory clearances including environment approval, the flat could be delivered in 2011. The said apartment was and is ready for possession since 2011," it added.

Unitech said the Session Court stayed the arrest order of the Additional Chief Metropolitan Magistrate and granted bail
on the very same day.

"Unitech remains committed towards delivering its ongoing projects and has renewed its efforts to that end. The company has also mobilised sufficient resources to achieve this," the Gurgaon-based developer said in the regulatory filing.

Unitech said it is delivering over 300 units a month and expect to increase the pace further substantially.

"During the first six months of the current financial year, the company has already delivered 2.43 million sq ft of area and deliveries are on in 47 projects across regions," it added.

Unitech, which reported a consolidated net loss of Rs 65.82 crore for the quarter ended September 30, had a net debt of nearly Rs 6,700 crore at the end of the second quarter of this fiscal. The company is witnessing buyers' protest in several projects because of huge delays in completing them.

The top executives were granted three day interim bail by a sessions court after they gave an undertaking that they will honour the order of a State Consumer Forum and settle all pending dues to two complainants.

However, they had to spend a night at Tihar Jail as they had failed to get the release warrant on time from the court.

The complaint case was filed by chartered accountant Sanjay Kalra and his business partner Devesh Wadhwa - who had booked a property in Habitat Apartments in Greater Noida developed by Unitech.