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Unitech exempted from Rera registration
Hindustan Times Navi Mumbai
|January 17, 2025
THE MOVE ALLOWS HOMEBUYERS TO APPROACH BANKS TO SECURE FRESH LOANS, AND LETS THE UNITECH BOARD ASK FOR PENDING COSTS
NEW DELHI: The Supreme Court on Thursday exempted Unitech projects from complying with the Real Estate (Regulation and Development) Act, 2016, paving the way for thousands of distressed homebuyers to secure fresh loans from banks and allowing the board of directors managing Unitech to engage with banks for release of pending loans.
The government-appointed board that manages Unitech approached the top court, citing practical difficulties faced by homebuyers in getting loans sanctioned from banks. One of the key objections cited by the banks was the non-renewal of Rera registration of Unitech projects after it lapsed in 2022.
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