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Unitech emerges as top defaulter among 91 Indian homebuilders

Unitech Ltd. ranked on top of Noida Authority's list of 91 Indian homebuilders that allegedly did not pay 99.93 billion rupees of outstanding dues, The Hindu reported.

The company is yet to pay almost 54.00 billion rupees of dues followed by Max Gardenia and Amrapali, which have unpaid dues of nearly 11.10 billion rupees and 7.00 billion rupees, respectively. Developers such as Omaxe Ltd., Supertech and Logix also were included on the list.

The outstanding dues refer to a scheme that requires developers to pay in installments the remaining 90% of each of their land purchases' total cost after paying the 10%. However, many companies invested on other land parcels after receiving payment from buyers, according to the publication, and developers defaulted on their installment dues when the real estate market crashed.

These companies now face penalty interest from the authority, according to the May 27 report.

As of May 26, US$1 was equivalent to 64.50 Indian rupees.