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SC directs TSIIC to pay Unitech Rs 165 cr for township project

Thursday, 18 Feb 2021

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The Supreme Court of India has directed the Telangana State Industrial Infrastructure Corporation (TSIIC) to refund Rs 165 crore with interest to Unitech for not handing over about 350 acre of land to develop an integrated township project in Ranga Reddy district.

In August 2008, the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) entered into a development agreement with Unitech and its subsidiary firm for the township project and the real estate firm had deposited a total amount of Rs 165 crore with the government body.

However, the project did not proceed further as TSIIC, which took over issues related to project from APIIC after the state's bifurcation, could not ensure encumbrance-free hand-over of land to the real estate firm which took legal recourses for refund.

Unitech will be entitled to a refund of an amount of Rs 165 crore together with interest at the SBI-Prime Lending Rate (PLR) commencing from the respective dates of payment, computed in accordance with provisions of the development agreement (except for compounding).

The real estate firm had paid in tranches the amount of Rs 140 crore towards the cost of land, Rs 20 crore towards earnest money deposit and Rs five crore towards project development expenses.

The amount which has been deposited in the registry of the court in pursuance of the interim order will be disbursed to Unitech together with accrued interest.

The balance due and payable under the terms of this judgment will be refunded by TSIIC to Unitech within two months from the receipt of a certified copy of this judgment.