Court Issues Attachment Notice against Unitech

Published: 19th August 2015 03:55 AM  |   Last Updated: 19th August 2015 03:55 AM   |  A+A-

KOCHI: In another setback for property developer Unitech, a local court has issued an attachment notice on a petition filed by an investor, after the Delhi-based company failed to commence work on its multi-crore shopping mall-cum-entertainment project at Maradu here, even five years after collecting money from several investors.

The Ernakulam District Court, in the initial showcause notice issued to Unitech, asked why the company should not deposit the amount on a claim for `1.25 crore by investor Jaison Anithanam of Kaduthuruthy, who had booked 752 sqft of built-up space back in 2010. This is the second attachment order secured by investors in the `750-crore project. In April, Rakesh Nair, another investor who is an ex-NRI, had secured an attachment order, which has been reserved for correction petition.

As reported by ‘Express’, Unitech launched the Kochi project, ‘Great India Place’,  through its wholly-owned subsidiary Colossal Projects, which was slated to come up in a 7-acre plot at Maradu.

The project was sold at 16,000/sqft. As per the plan, the business complex was proposed to be equipped with food courts, restaurants, ATMs, coffee shops, banks, retail outlets etc. The project covers over 4.48 lakh sqft gross saleable area.

Anithanam had booked space in the project using the money he received by selling his family property.

The Unitech spokesman could not be contacted for comments.

Though the exact number of investors in the project is not known, people in the know said that several NRIs and Malayalis settled in the other states had invested in the project. Unitech also ran an ‘assured rental return’ scheme for the project, promising 12 per cent returns. Investors said the company had not done any work on the site, and that its representatives had stopped responding to investors’ pleas. Some of the investors who have filed police complaints against Unitech are also contemplating moving the Consumer Court against the Delhi-based property developer.

Unitech is neck-deep in debt, and has been selling non-core land parcels over the last two-three years to come out of the crisis.

Investors reckoned Unitech’s Kochi land to be worth over `200 crore at the current rates, while the company’s debt is nearly `4,000 crore.


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