The Supreme Court has approved the Centre's proposal for the appointment of a new board of directors for Unitech. The new board, according to the apex court order, will be headed by former road transport secretary YS Malik.
Speaking to CNBC-TV18, Founder of PropEquity Samir Jasuja and member of the new Unitech Board Niranjan Hiranandani voiced their views about the top court's order and its implications
According to Jasuja, the new board has the relevant domain expertise to come out with the right solutions to help consumers get their homes finally. "It is a high possibility that these projects could now see the light of the day. Unitech was a larger developer, so it agglomerated a lot of land around the projects which it launched and there is some licence FSI that may still be remaining which will have to get sold to fund the balance projects or pay back some of the loans. So it has to be seen on a case-by-case basis," Jasuja added.
Hiranandani said, "There are many projects which have a positive net worth as far as the Unitech's team is concerned. So, a part of the projects definitely can take off very early because they have a balance amount. I also predict, though this prediction is personal and not as a member of the board, that we will have to access the stressed funds because many of the projects have a positive net worth; we can certainly borrow from the stressed fund as a board and then actually do on the basis of the last in first out."