Relief for homebuyers: Government’s intervention in Unitech is a positive step and will mitigate shocks

The government in response to Supreme Court’s suggestion has agreed to take over the management of real estate firm Unitech. The backstory is that for over two years some of Unitech’s promoters, including the managing director, have been in jail as the company has failed to fulfil its commitments to homebuyers. Separately, a forensic audit showed that money had been siphoned off. The government’s decision is welcome and should relieve the anxiety of about 30,000 homebuyers who had been left in the lurch. Beyond the immediate relief, there are strong reasons to justify this decision.

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