News & updates about Supreme Court Judgement on Fake Parsvanath Developers Case. Get all the latest & updated information, SC Orders on Parsvanath Developers Court Case. The 31-acre Parsvnath Exotica project, which was launched in 2007, has been mired in controversies by competitors.
Supreme Court ensures monetary relief for Unitech, Parsvnath flatbuyers
parsvnath developer court case: The Supreme Court on Wednesday asked Unitech to pay Rs Rs 80,000 each to 39 homebuyers at a residential project in Gurgaon as compensation for the mental agony caused to them by the company’s failure to deliver flats on time, and towards litigation cost. Possibly aware of the fact that its order would open a floodgate of similar demands, a three-judge bench led by CJI Dipak Misra clarified that this order would apply only to this parsvnath developer court case and not be treated as a judicial precedent.
In another parsvnath developer court case, the Supreme Court asked Parsvnath BSE -1.54 % Developers to pay interest at 10 per cent per annum to 70 homebuyers of its Exotica project in Ghaziabad as an interim relief, also for delay in giving possession of apartments.
In the Unitech, buyers at its Unitech Vista project in Gurgaon had first approached the National Consumer Disputes Redressal Commission after the company failed to deliver the flats on time. The commission ordered Unitech to repay them the principal with interest at 14 per cent, which the company has already done. Now the buyers will get Rs 80,000 more in eight weeks. This would be treated as compensation and so the homebuyers don’t have to pay income tax on the amount.
Initially, the homebuyers demanded Rs 2,00,000 each as compensation, but this was opposed by Unitech lawyer Abhimanyu Bhandari who argued that they had already got their principal amount and interest. The 14 per cent interest they got was better than the returns on most financial instruments, he said.
In another involving Unitech’s Anthea project, the court refused to pass any orders for now, saying it would deal with it later. These may be taken up along with Unitech MD Sanja ..
SC asks Parsvnath to pay 10% per annum interest to 70 Exotica home buyers as interim relief
The Supreme Court on Wednesday asked Parsvnath Developers to pay interest at 10% per annum to 70 home buyers of its Exotica project in Ghaziabad as an interim relief for in giving possession of apartments.
The final hearing in the case has been scheduled for December 1 to determine the exact interest component to be paid to the home buyers, informed lawyer advocate ML Lahoty, who appeared on behalf of the aggrieved buyers in this case.
Parsvnath Developers has already deposited the principal amount amounting to Rs 22 crore with the apex court’s registry, which has been distributed to the said home buyers.
The National Consumer Disputes Redressal Commission (NCDRC) in May this year had asked Parsvnath Developers to refund the entire amount paid by 70 home buyers in its Ghaziabad project with 12% interest for delay in completing the project. The real estate developer had appealed against the NCDRC order in the Supreme Court.
The Ghaziabad Development Authority had also cancelled the building plans for Parsvnath Exotica in August last year.
NCDRC in May this year had decided to issue a public notice in newspapers for all the home buyers in Parsvnath Exotica project in Ghaziabad to expedite redressal of their grievances.
The of Parsvnath Exotica project in Ghaziabad, Devidayal Aluminium Industries, had also cancelled the power of attorney (POA) for the land in June this year. However, Parsvnath had termed the cancellation as illegal.
The 31-acre Parsvnath Exotica project, which was launched in 2007, has been mired in controversies and has not been completed yet.