Unitech
Founded 1972 · 54 years in real estate · CIN: L74899DL1971PLC005798
Unitech Limited is one of India's largest and most well-known real estate developers, originally formed as United Technical Consultant Private Ltd in 1972 by founders including Ramesh Chandra. The company began as a soil investigation firm before entering real estate in 1986 and significantly expanding its real estate focus from the year 2000. Unitech became one of India's biggest builders with residential and township developments in cities including Gurgaon, Noida, Greater Noida, Delhi, Mumbai, Kolkata, Bengaluru, Chennai, Hyderabad, and many others. Unitech became embroiled in serious financial and legal troubles, with allegations that promoters siphoned off approximately Rs 7,794 crore from over Rs 16,000 crore raised from more than 16,000 homebuyers between 2006 and 2017. In December 2019, the Supreme Court directed the central government to take over the management of the company to protect the interests of around 30,000 home buyers. Founder Ramesh Chandra and family members faced arrests in 2021 related to these matters.
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