Deposit Rs 15 cr to return buyers' money, Supreme Court tells Unitech

5 Dariya News

New Delhi 17-Aug-2016

The Supreme Court on Wednesday asked real estate firm Unitech to deposit with its registry Rs 15 crore, which would be returned as principal amount to buyers in its Vista project in Gurgaon on account of delay in handing over possession of flats.Directing the company to deposit the money in two instalments of Rs 5 crore and Rs 10 crore, a bench of Justice Dipak Misra and Justice Uday Umesh Lalit said: "We are pained to see how flat buyers are harassed."Directing the refund of flat buyers principal amount, the bench kept open the question of interest that the real estate builder was asked to pay by the National Consumer Disputes Redressal Commission (NCDRC).The court directed for next hearing on the matter on October 4.Asking Unitech Residential Resorts Ltd. to deposit Rs 5 crore in two weeks and Rs 10 crore by September-end, Justice Misra asked the firm to return the principal amount of the flat buyers or else its plea against the commission order would be dismissed.Telling the builder that it could not adopt the tactic of not paying back the buyers and going ahead with the project, the bench said: "Those who don't want flats, return their money. We feel pained. We will direct to refund the amount. Tell us how will you pay after that? We will consider whether they will get interest or not." The NCDRC order of 2015 had asked the real estate company to pay a compensation at 12 per cent per annum for the delayed delivery of apartments in Unitech's Vista project.A Unitech statement said: "Unitech is relieved by the order passed by the Supreme court since it has agreed to consider all the issues on merits."