Unitech Group

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Unitech Group
Public
Industry Real estate
Founded 1972
Founder Ramesh Chandra
Headquarters New Delhi, India
Key people
Ramesh Chandra, Executive chairman
Revenue $760 million (2008)[1]
$300 million (2008)[1]
Total assets $3.03 billion (2008)[1]
Number of employees
1,472 (2011)[2]
Website unitechgroup.com
March in Delhi by home owners cheated by unitech
March in Noida by home owners cheated by unitech
March in Gurgaon by home owners cheated by unitech

Unitech Limited is India's second largest real estate investment company,[3] and has recently claimed to be the largest real estate builder in the country.[4][5][5]

The company is based in New Delhi[3] and ranks 1484, in Forbes Global 2000 listing of the top 2000 public companies in the world by Forbes magazine, 32nd in India.[1] Its construction business includes highways, roads, powerhouses, transmission lines, and it has residential projects called Unitech Cities/Uni World, in cities like Mumbai, Delhi, Kolkata , Chennai, Hyderabad,Mohali, Bangalore, Kochi, Noida,Greater Noida, Agra, Lucknow, Varanasi,Gurgaon, and Ghaziabad.[6]

Past Join Ventures: LG - Unitech Hyundai - Unitech Singapore Consortium - Unitech Carlson (Radission) - Unitech

History[edit]

Founded by 5 partners, Ramesh Chandra, Dr. S. P. Shrivastava, Dr. P K Mohanti, Dr. Ramesh Kapur and Dr. Bahari and originally formed as United Technical Consultant Private Ltd in 1972 as a soil investigation company.[7] They later moved into civil engineering contracts in 1974.[8] The company began to enter into real estate in 1986.,[7] and started to increase focus in Real Estate in 2000 today it is India's second-largest listed real estate firm.

Controversies[edit]

They have been accused of cheating thousand of buyers who invested in Unitech by buying flats constructed by Unitech Ltd. It is a nationwide attribute of Unitech to not withstand their commitments in delivering on their promises. Noida, Gurgaon, Mohali, Ambala buyers have been protesting from years against them. But their voices have been falling on the deaf ears of Sanjay Chandra and his family.

Even government is not taking any strict action against them.

The interesting thing is, still a lot of investors invest in upcoming Unitech's residential projects unknowlingly, via the false promises made by the company, which the company ultimately do not deliver. They do a full swing of construction initially and through Construction Linked Plan, grab almost 90% of the investor's money, and after that stop the construction completely by diverting the funds to other projects. End result, the investors end up paying huge amount of EMI to banks and Rents without having any homes.

This is much contradictory to the fact that any commercial project taken by Unitech gets completed within no time. Unitech is known to have good political connections and it is said that the political benefits allow Unitech to complete the commercial projects well within schedule.

Their modus operandi has been covered by many international channels and public has started demonstrating on roads against the company. NDTV, Bloomberg TV, Zee TV are some of the national channels that have covered the stories of innocent investors.


[9] [10] [11] [12] [13] [14]

Sanjay Chandra and Ramesh Chandra have now been issued warrants for one of many such fraud cases.[15]

Communication[edit]

Main article: Uninor

They have recently formed a large joint venture with Norway based Telenor Group to create Unitech Wireless.,[16] in August 2009, it secured a 50 billion rupee ($1 billion) loan from State Bank of India (SBI.BO) to fund its mobile phone network rollout.[5]

Main article: 2G spectrum scam

Unitech Wireless is one of the accused in the 2G spectrum scam.[17] It is alleged that they were able to attain 2G licenses by bribing officials in the Indian Government even though they didn't have any previous telecom experience. As a fallout of this they had a total of 22 licenses cancelled by virtue of a court order,[18] and their Managing Director Sanjay Chandra sent to jail.[19]

References[edit]

External links[edit]