Unitech Homebuyers Seek New CMD, Asset Auction to Revive Stalled Projects

• Yudhvir Singh Malik’s tenure as Unitech CMD ended on July 20, 2026.
• Homebuyer groups want a new CMD appointed and unsold assets monetised.
• Associations estimate thousands of crores are still needed to complete stalled projects.

Homebuyers of crisis-hit real estate company Unitech Ltd are once again seeking urgent intervention, citing two major hurdles to the completion of stalled projects, the vacant Chairman and Managing Director (CMD) position and a shortage of funds. The concerns have gained renewed attention after the tenure of Yudhvir Singh Malik, who was serving as Unitech’s CMD, ended on July 20, 2026.

The issue affects thousands of buyers whose homes and commercial units remain incomplete, particularly across the Delhi-NCR region. Homebuyer associations have urged the government and the Supreme Court to move quickly on the appointment of a new CMD and allow the company’s unsold assets to be monetised so that construction can resume. Unitech’s own recent disclosures show that more than 15,000 buyers are linked to incomplete or stalled units, underlining the scale of the issue.

Five associations representing Unitech buyers have called for the vacant CMD position to be filled without further delay. Malik’s tenure officially ended at the close of working hours on July 20, 2026. The company subsequently informed the stock exchanges that it had not received further communication from the Ministry of Corporate Affairs (MCA) regarding the appointment of his successor.

The present structure of Unitech dates back to 2020, when the company’s existing board was superseded following directions from the Supreme Court. A government-appointed board was subsequently constituted under the court-approved resolution framework.

According to the homebuyer groups, appointing a CMD alone will not resolve the crisis unless sufficient money is made available for construction. They have therefore proposed the auction or monetisation of Unitech’s unsold properties and other assets to generate funds for completing projects.

The Espace Premiere Owners Association, based in Gurugram, said buyers who booked homes around 2010-11 were originally promised possession within the next few years but are still waiting. The association estimates that completing the remaining projects could require around ₹11,000-12,000 crore, while approximately ₹3,000 crore may be available through outstanding contributions from buyers.

Earlier estimates from Unitech’s management have also placed the funding requirement for completing its projects at around ₹11,000 crore, with roughly ₹3,200 crore expected as receivables from homebuyers.

The five associations Espace Premiere Owners Association, Alder Grove Villa Owners Welfare Association, The Uniworld Chennai Owners’ Association, Association of Home Buyers of Unitech’s Anthea Floors and Uniworld Social & Cultural Welfare Society have raised different but overlapping demands.

The Uniworld Chennai Owners’ Association has sought urgent action from the Supreme Court and said the MCA has already proposed a nominee for the CMD position, with the appointment awaiting the required approval.

The Alder Grove Villa Owners Welfare Association has questioned claims raised by lenders and called for their reassessment. It has also opposed the payment of interest on such claims.

Meanwhile, the Association of Home Buyers of Unitech’s Anthea Floors has sought a special audit by the Reserve Bank of India (RBI) into loans extended to Unitech since 2005. The association wants possible shortcomings in loan sanctioning and monitoring to be examined and responsibility fixed where lapses are established.

The Kolkata-based Uniworld Social & Cultural Welfare Society has stressed that the interests of homebuyers should remain a priority while decisions are taken on the company’s assets and stalled projects.

The prolonged delays have left buyers facing uncertainty over both possession and the eventual completion of their projects. Unitech’s current records indicate that 16,921 residential and commercial units were sold by its erstwhile management and remained either incomplete or part of stalled projects. Of these, 15,657 buyers were identified as either seeking possession or refunds in a February 2026 company notice.

For buyers who have already waited more than a decade, another delay in administrative decision-making could further push back construction and possession timelines. Associations argue that a clear leadership structure, adequate project funding and faster decisions on asset monetisation are necessary to restore momentum.

The immediate focus is likely to remain on the appointment of a new CMD and the decisions required to mobilise funds for unfinished projects. Unitech has said it will inform the stock exchanges once it receives further communication from the MCA regarding the appointment of a successor.

For homebuyers, the larger expectation is that the Supreme Court, government authorities and the company’s management will coordinate on a workable funding and construction strategy. Monetising eligible unsold assets, resolving outstanding claims and ensuring that available funds are directed toward project completion could be critical to moving long-delayed projects forward.

Unitech reported a consolidated net loss of ₹2,455.73 crore for FY 2025-26, while its total income stood at ₹566.80 crore, highlighting the financial pressure surrounding the company as it continues to work through its stalled-project obligations.