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Unitech Anthea Floors by Unitech Developers in Sector 70, Gurgaon

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Unitech Anthea Floors by Unitech Developers in Sector 70, Gurgaon

Last updated: January 18 2017
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  • Re : Unitech Anthea Floors by Unitech Developers in Sector 70, Gurgaon

    Originally posted by smart111 View Post
    please check your PM.
    Originally posted by rickysh View Post
    Unitech share took a hammering today, it is at almost half the price, current low 7.40, is there something going on that we don't know?


    Guys Look like Unitech Position is very critical ..... debt on rise with no or zero income from projects ........loss was 154cr for last quarter ............Seniors any comment ....how safe our money with dem .........forget about const nd all...........

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    • Re : Unitech Anthea Floors by Unitech Developers in Sector 70, Gurgaon

      sounds crazy but....if unitech files for bankruptcy, though it is remote considering their assets (strangely their market cap is today less than their current townships' valuations in ggn or noida), but in worst case scenario if such a situation arises...or there is a hostile takeover...incase unitech can't protect and someone gets hold of their junk stock from open market (promoters' pledged shares) and proves majority...kicks of chandras... well, in any of these scenarios, what happens to the investors monies/ future/ property in their unfinished/ under construction projects?

      plse throw light...if anyone has knowledge of such situations
      cheers, r

      Comment


      • Re : Unitech Anthea Floors by Unitech Developers in Sector 70, Gurgaon

        Takeover

        Hi,

        In such a case, new owner takes over the company in entirety and the company is still liable to fulfill commitments made to customers in accordance with BBA. Note that company is treated as a separate legal entity than owner.

        However, new owner can definitely decide to sell uc projects to another party, land holdings, file for bankruptcy or even siphon off funds etc.

        Regards,
        S

        Originally posted by ravimos View Post
        sounds crazy but....if unitech files for bankruptcy, though it is remote considering their assets (strangely their market cap is today less than their current townships' valuations in ggn or noida), but in worst case scenario if such a situation arises...or there is a hostile takeover...incase unitech can't protect and someone gets hold of their junk stock from open market (promoters' pledged shares) and proves majority...kicks of chandras... well, in any of these scenarios, what happens to the investors monies/ future/ property in their unfinished/ under construction projects?

        plse throw light...if anyone has knowledge of such situations

        Comment


        • Re : Unitech Anthea Floors by Unitech Developers in Sector 70, Gurgaon

          unitech

          thanks sourabh,

          u definetely have a good insight...

          what happens if new owner sell uc to other party? i know there could be lots of 'ifs' and 'buts' ....but what could be the worst case scenario for the investor who has already put/ paid his 90% or more to this uc project...is it this treated separately for plot, villas and apartments...or they all come under same ambit.

          Originally posted by sourabhv View Post
          Hi,

          In such a case, new owner takes over the company in entirety and the company is still liable to fulfill commitments made to customers in accordance with BBA. Note that company is treated as a separate legal entity than owner.

          However, new owner can definitely decide to sell uc projects to another party, land holdings, file for bankruptcy or even siphon off funds etc.

          Regards,
          S
          cheers, r

          Comment


          • Re : Unitech Anthea Floors by Unitech Developers in Sector 70, Gurgaon

            Hi Ravimos,

            Honestly speaking, there is no limit to what can be done. For ex: Company can cancel project altogether, return customer's advance money with interest as per BBA and sell off land to another party at a premium (more likely if not much construction has taken place, land prices have increased multiple times since launch and developer doesn't care about it's name). Though customers can take company to court over fair interest amount or cancellation of project but outcome is really speculative. You know how our legal system works!

            But these are hypothetical scenarios and I wouldn't suggest losing sleep over it. Are you invested in this project?

            Regards,
            S

            Comment


            • Re : Unitech Anthea Floors by Unitech Developers in Sector 70, Gurgaon

              Clause from Ireo GA

              Further, just an example on how a developer can return customer advances with a shameful 6% simple interest and cancel the allotment. Picked up this clause from Ireo GA, not sure about Unitech.

              "The Company shall always, so far as possible be bound to address all concern(s)
              raised by the Allottee with respect to the Company’s obligations under this
              Agreement or the said Apartment or with respect to its bona fides or the conduct of
              its business or pertaining to any matters covered under or arising from this
              Agreement or the proposed sale of the said Apartment. In the event that the
              Company is unable to address any such complaint(s) or concern(s) raised by the
              Allottee satisfactorily, or such act, deed or thing complained of is of such nature
              that it is, in the opinion of the Company, incapable of resolution, the Company
              may, at its sole discretion, instead refund to the Allottee all its paid up installments
              (excluding any interest paid/payable by the Allottee on any delayed payment,
              brokerage/commission, paid up taxes, if any) along with simple interest at the rate
              of 6% per annum. Consequent upon communication to this effect to the Allottee,
              this Agreement shall stand terminated forthwith and no other claim, whatsoever,
              monetary or otherwise shall lie against the Company and/ or the Confirming
              Parties nor shall be raised otherwise or in any other manner whatsoever by the
              Allottee."

              Regards,
              S

              Originally posted by sourabhv View Post
              Hi Ravimos,

              Honestly speaking, there is no limit to what can be done. For ex: Company can cancel project altogether, return customer's advance money with interest as per BBA and sell off land to another party at a premium (more likely if not much construction has taken place, land prices have increased multiple times since launch and developer doesn't care about it's name). Though customers can take company to court over fair interest amount or cancellation of project but outcome is really speculative. You know how our legal system works!

              But these are hypothetical scenarios and I wouldn't suggest losing sleep over it. Are you invested in this project?

              Regards,
              S

              Comment


              • Re : Unitech Anthea Floors by Unitech Developers in Sector 70, Gurgaon

                Originally posted by sourabhv View Post
                Further, just an example on how a developer can return customer advances with a shameful 6% simple interest and cancel the allotment. Picked up this clause from Ireo GA, not sure about Unitech.

                "The Company shall always, so far as possible be bound to address all concern(s)
                raised by the Allottee with respect to the Company’s obligations under this
                Agreement or the said Apartment or with respect to its bona fides or the conduct of
                its business or pertaining to any matters covered under or arising from this
                Agreement or the proposed sale of the said Apartment. In the event that the
                Company is unable to address any such complaint(s) or concern(s) raised by the
                Allottee satisfactorily, or such act, deed or thing complained of is of such nature
                that it is, in the opinion of the Company, incapable of resolution, the Company
                may, at its sole discretion, instead refund to the Allottee all its paid up installments
                (excluding any interest paid/payable by the Allottee on any delayed payment,
                brokerage/commission, paid up taxes, if any) along with simple interest at the rate
                of 6% per annum. Consequent upon communication to this effect to the Allottee,
                this Agreement shall stand terminated forthwith and no other claim, whatsoever,
                monetary or otherwise shall lie against the Company and/ or the Confirming
                Parties nor shall be raised otherwise or in any other manner whatsoever by the
                Allottee."

                Regards,
                S
                Once the project is beyond the date of delivery sited in the bba whole bba goes for a toss.

                Worry not the courts are after the axx of these builders and their agreements.

                Comment


                • Re : Unitech Anthea Floors by Unitech Developers in Sector 70, Gurgaon

                  I really doubt that Unitech will be liable to pay us something if it goes bankrupt. Banks and authorities will auction Unitech asserts to recover there amount. We cannot even claim land share from project as loan is taken against this from the bank by builder. I am really worried guys .. please put some light on this............

                  Comment


                  • Re : Unitech Anthea Floors by Unitech Developers in Sector 70, Gurgaon

                    Originally posted by jags86 View Post
                    I really doubt that Unitech will be liable to pay us something if it goes bankrupt. Banks and authorities will auction Unitech asserts to recover there amount. We cannot even claim land share from project as loan is taken against this from the bank by builder. I am really worried guys .. please put some light on this............
                    Well, if Unitech goes bankrupt...I think, customers will have subservient right on assets after first right of claim by banks and other lenders. Basically, nothing as Unitech guys would have siphoned off everything valuable before this stage. No end to this speculation...

                    Regards,
                    S

                    Comment


                    • Re : Unitech Anthea Floors by Unitech Developers in Sector 70, Gurgaon

                      sent you a mail. please check and respond.
                      Last edited June 8 2015, 04:17 PM. Reason: deleted quoted text.

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