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Unitech to place 6 land plots on market to ease legal woes

Amid Unitech Ltd. managing directors' ongoing legal troubles, the company earmarked six land plots for sale to raise money, Livemint reported.

According to the Oct. 19 report, proceeds from the sale of the sites will be used to pay off the deposits that customers paid for Unitech's delayed housing projects, which has put its managing directors, brothers Sanjay Chandra and Ajay Chandra, in legal trouble.

The company owes 78.00 billion Indian rupees to 16,300 homebuyers from its 61 housing projects and it currently has about 67.33 billion rupees worth of debt.

Both Chandra brothers were arrested in April after buyers filed complaints against them for failing to provide refunds for the delayed delivery of units from the company's Anthea Floors housing project.

The brothers were then permitted to post bail in early September after they agreed to make a 50.0-million-rupee deposit with India's Supreme Court, which will be distributed to homebuyers seeking refunds. However, a few days later, a New Delhi court subsequently sent the promoters to seven-day police custody for interrogation after three first information reports alleged the brothers embezzled money from complainants and failed to deliver units in their projects.

A court panel has appointed an advocate to submit details about Unitech's different projects, the aggrieved parties and the buyers who hope to keep their apartments. The court will discuss the matter in a scheduled Oct. 23 hearing, the report noted.

As of Oct. 18, US$1 was equivalent to 65.07 Indian rupees.